Gary Gensler’s Exit Triggers Crypto ETF Filing Surge as XRP and Solana Take the Lead

A new era for the U.S. Securities and Exchange Commission (SEC) is on the horizon as Gary Gensler steps down from his role as Chair.

His departure has triggered a wave of cryptocurrency exchange-traded fund (ETF) filings, including XRP and Solana futures ETFs, highlighting the industry’s anticipation of regulatory change.

A Wave of Crypto ETF Filings Hits the SEC

As Gensler's tenure concluded, the crypto ETF industry seized the moment with new filings. Leading the charge were proposals for XRP and Solana futures ETFs, alongside other notable entries like the CoinShares Digital Asset ETF and the VanEck Onchain Economy ETF.

Bloomberg ETF analyst Eric Balchunas highlighted the scale of this movement, tweeting, “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.”

ProShares, a prominent player in the ETF market, filed applications for both XRP and Solana futures ETFs, marking a strategic expansion of its offerings. This comes after their success with Ethereum ETFs approved earlier in 2024.

Similarly, CoinShares’ proposal ties its ETF to a diversified index of 10 cryptocurrencies, reflecting the growing appetite for innovative investment products.

VanEck’s Onchain Economy ETF aims to invest in blockchain-driven businesses, further underscoring the potential of a more favorable regulatory environment for crypto.

Leadership Transition Sparks Optimism in the Crypto Industry

Gensler’s exit and the anticipated appointment of Paul Atkins as the new SEC Chair have fueled optimism within the cryptocurrency industry. Atkins, known for his pro-innovation stance, is expected to introduce a more balanced regulatory approach.

This transition coincides with political changes as Donald Trump prepares to return to the presidency. Speculation abounds that Trump may introduce executive orders addressing key crypto industry challenges, such as revisiting the controversial SAB 121 policy and easing banking restrictions.

Ripple, the company behind XRP, has also capitalized on Gensler’s departure with celebratory statements. Stuart Alderoty, Ripple’s Chief Legal Officer, remarked, “Starting tomorrow, ‘Gary who?’ will be the only appropriate response if someone mentions his name.”

Meanwhile, XRP has experienced a surge, reaching its highest value in over seven years. Market sentiment is buoyed by the expectation of XRP ETF approvals and a shift in regulatory priorities under new leadership.

The Future of Crypto ETFs Looks Bright

The SEC’s historical preference for approving futures ETFs before spot market ETFs for Bitcoin and Ethereum suggests that the recent filings may pave the way for broader crypto ETF adoption.

Institutional investors are leading this charge, signaling confidence in a transformative year for cryptocurrency markets.

As the leadership transition unfolds, the crypto industry is poised for significant developments. The wave of ETF filings reflects the growing momentum for innovation, setting the stage for a pivotal year in crypto regulation and investment.

With a new regulatory era dawning, the market eagerly awaits the next steps from the SEC and the broader U.S. government.