As SEC Chair Gary Gensler’s term nears its end on January 20, a wave of crypto-focused ETF applications has flooded the regulatory body.
This sudden surge reflects industry anticipation of a potentially more crypto-friendly regulatory approach under President-elect Donald Trump’s administration.
On January 17, several firms made significant filings, including ProShares, which submitted a proposal for a Solana Futures ETF. This fund would allow investors to gain exposure to Solana’s price movements through futures contracts rather than direct holdings. Despite its potential, some experts, such as ETF analyst James Seyffart, raised concerns about the liquidity of Solana futures, suggesting such ETFs may not become viable in the U.S. until 2026.
CoinShares also filed for a new ETF that tracks its proprietary Compass Crypto Market Index, while ProShares expanded its filings to include leveraged and inverse ETFs linked to XRP. Other companies, including Bitwise and WisdomTree, joined the rush with spot XRP ETF applications. Tidal DeFi proposed a different approach, with a fund aimed at debt instruments tied to crypto ecosystem companies, including miners and payment providers.
Earlier in the week, VanEck submitted its “Onchain Economy” ETF proposal, designed to invest in a wide range of cryptocurrency-related firms, from infrastructure builders to exchanges. This diverse wave of filings signals how asset managers are positioning themselves ahead of what could be a pivotal shift in U.S. crypto regulation.
Bitcoin-focused investment firm Strategy Inc. (formerly MicroStrategy) is facing mounting legal pressure as at least five law firms have filed class-action lawsuits over the company’s $6 billion in unrealized Bitcoin losses.
Digital banking platform SoFi Technologies is making a strong return to the cryptocurrency space, relaunching its crypto trading and blockchain services after stepping away from the sector in late 2023.
Digital assets are gaining ground in corporate finance strategies, as more publicly traded companies embrace cryptocurrencies for treasury diversification.
Ripple has been dealt another legal blow after a federal judge rejected its attempt to ease court-imposed restrictions and penalties stemming from its long-standing battle with the U.S. Securities and Exchange Commission (SEC).