Several Crypto ETF Applications Follow As Gary Gensler Exits the SEC

A surge in crypto ETF applications emerged as Gary Gensler’s tenure at the SEC ended today.

At least five new filings were submitted to the SEC after US business hours on Friday, coinciding with Gensler’s final day as the agency’s chair.

New Crypto ETF Proposals Flood the SEC

Among the notable filings, Tidel Finance introduced the “Oasis Capital Digital Asset Debt Strategy ETF” (DADS). This fund plans to focus on debt securities tied to several sectors, including digital asset mining, companies directly holding digital assets, payment companies, and more.

ProShares also filed for a Solana Futures ETF. This follows a December filing for a similar Solana ETF by VolatilityShares. ProShares is already familiar with crypto ETFs, having launched an Ethereum ETF approved by the SEC in July 2024.

“Gensler wasn’t even out of the building for 5 minutes and the ETF industry unloaded a massive crypto filing frenzy. Half a dozen so far,” wrote ETF analyst Eric Balchunas.

CoinShares entered the fray with a proposal for the “CoinShares Digital Asset ETF.” This fund is tied to the CoinShares-Compass Crypto Market Index, which includes 10 cryptocurrencies.

Bitcoin and Ethereum dominate the index at 70%, with XRP, Cardano, Chainlink, and others making up the remainder.

VanEck joined the action with plans for an actively managed “Onchain Economy ETF,” aiming to invest in blockchain-powered businesses and ecosystems.