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Many major financial institutions are reportedly submitting applications for cryptocurrency-related exchange-traded funds (ETFs) in anticipation of the departure of Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). This proactive move highlights the growing interest in crypto investments and the desire to capitalize on potential regulatory shifts.
Surge in Crypto ETFs
James Seyffart, a senior ETF analyst at Bloomberg, shared on the social media platform X that companies like Tidal Financial Group, ProShares, CoinShares, and VanEck have applied for crypto ETFs. Seyffart noted that Tidal has applied for a digital asset debt strategy ETF (DADS), which aims to invest in the debt securities of crypto ecosystems.
Reports also indicate that ProShares has applied for a Solana 
$174 (SOL) futures ETF and several XRP-related ETFs. Meanwhile, CoinShares is launching the CoinShares-Digital Assets ETF, targeting an ETF based on the CoinShares-Compass Crypto Market Index.
VanEck’s New Offering
Seyffart further mentioned that ETF provider VanEck has applied for the “Onchain Economy ETF,” focusing on crypto asset instruments. This ETF is expected to steer clear of direct digital crypto investments, instead targeting future contracts and digital transformation companies.
According to previous reports, Gensler is expected to leave his position on January 20. During his tenure, the SEC has initiated lawsuits against prominent crypto firms like Coinbase, Kraken, and Ripple 
$2 Labs, while also refraining from approving Bitcoin 
$104,496-based ETFs for an extended period.
“Many companies are accelerating crypto ETF applications to leverage uncertainty under the SEC’s leadership.” – James Seyffart.
Gensler’s departure and the potential new administration’s approach to crypto markets are increasing uncertainty regarding the future of regulations in the sector. Financial institutions aim to finalize their ETF applications before this shift to capitalize on market opportunities.
The stance of the new SEC chair on crypto assets seems poised to significantly impact ETF approval processes and overall market dynamics. Thus, both investors and financial institutions are closely monitoring how the regulatory landscape will evolve.
These developments are seen as a crucial step in the recognition of crypto assets as financial products. The approval of ETFs could enable crypto assets to reach a broader investor base. The growing interest from financial institutions in crypto ETFs signals a positive trend towards the acceptance of crypto assets in a more institutional environment.
Time will reveal how regulatory changes and the policies of the new leader will reflect on crypto markets. Investors continue to tread carefully throughout this process.
