The Crypto Industry Is Preparing for a New Era as Gary Gensler Steps Down from the SEC

Gary Gensler is preparing to step down as chair of the US Securities and Exchange Commission on 20 January. In an unexpected turn of events, this development has sparked a wave of action in the crypto industry, with asset managers submitting a wave of ETF applications.

Gary Gensler's last day as chair of the US Securities and Exchange Commission (SEC) on 20 January sparked a wave of action in the crypto industry, with asset managers submitting a flurry of ETF applications.

This move anticipates regulatory changes under Gensler's successor, Paul Atkins, as many expect the incoming Trump administration to adopt a more crypto-friendly approach.

The applications, which began pouring in around 17 January, include at least four ETF filings in a single day. Among these issuers is ProShares, which launched the first Bitcoin-linked ETF.

ProShares is now seeking to offer investors exposure to Solana ($SOL) through futures contracts, rather than direct ownership, with an application for a Solana Futures ETF.

However, ETF analyst James Seyffart highlights potential hurdles for this ProShares move, given the lack of CME futures for Solana and questioning whether Coinbase's SOL futures market is large and liquid enough.

This move echoes another from Volatility Shares, which filed a similar Solana-focused ETF last year in November.

According to Seyffart, even with an administration that supports the launch of Solana ETFs, there may be some serious friction to contend with—at least until 2026.

CoinShares also submitted an application for a “CoinShares Digital Asset ETF,” which aims to track its proprietary Compass Crypto Market Index.

Beyond Solana, the ETF applications span a wider range of assets between the 17 January start and the time of writing.

ProShares also submitted multiple filings for leveraged and futures ETFs tied to XRP, following similar applications from other asset managers like Bitwise, Canary Capital, 21Shares, and WisdomTree.

Tidal DeFi filed its own Oasis Capital Digital Asset Debt Strategy ETF (DADS). This DADS ETF plans to invest in debt instruments connected to miners and energy providers within the crypto ecosystem.

Earlier in the week, VanEck also filed an “Onchain Economy” ETF, which aims to invest several crypto-focused businesses including software developers, mining companies, exchanges, infrastructure providers, and much more.

According to insights from Nate Geraci, President of The ETF Store, these ETF applications show that the crypto industry is preparing for the shift in regulation.

People will laugh at some of these crypto ETF filings…I get it.

Here's what they're missing.

Put aside merits of any one coin.

Tradfi (issuers, market makers, custodians, etc) is further integrating w/ defi.

ETFs = tradfi/defi bridge

First step towards full tokenization.

Gary Gensler began his tenure as SEC Chair in April 2021, and made a mark on the crypto industry over the next three years with a wave of enforcement actions against major companies.

Some of the most popular of these included Coinbase, Binance, Ripple, Uniswap, OpenSea and countless others.

However, with his final day in office, the crypto industry is eagerly preparing for what might be a favorable era under Atkins, his successor.

According to Bloomberg Senior ETF analyst Eric Balchunas, the speed and frequency of these ETF filings is interesting.

Gensler wasn't even out of the building for 5 minutes and the ETF industry unloaded a massive ETF filing frenzy. Half a dozen so far. https://t.co/YyNik32CWp