SEC Sees Spike in Crypto ETF Filings Following Gensler's Departure

The SEC is now reviewing 33 crypto ETF applications, double the previous number. Eric Balchunas, a Senior ETF Analyst at Bloomberg, linked this surge to Gary Gensler’s exit. Applications from big players like Grayscale, Franklin Templeton, and 21Shares include a variety of assets. 

Big Names and Bold Proposals

Grayscale submitted applications for Solana and multi-asset ETFs. Franklin and Hashdex focused on Bitcoin-Ether combinations. Canary and 21Shares filed for XRP, while ProShares joined with applications for Solana and XRP futures. Memecoins also entered the mix. 

REXShares and Osprey Funds proposed ETFs for BONK, DOGE, and TRUMP. These funds promise to invest 80% in specific assets through direct holdings or derivatives. Following these announcements, BONK surged 15% in a single day, while DOGE rose over 6%.

Crypto Market Awaits Regulatory Moves

Bitcoin ETFs are still expected to dominate the sector. Balchunas compared Bitcoin’s lead in crypto ETFs to gold’s dominance in commodities. He suggested Ether might serve as the “silver,” with XRP and Solana possibly gaining prominence in the next few years.

Many believe the Trump administration could bring positive changes for the crypto industry. Enthusiasts speculate that Trump may issue an order banning central bank digital currencies, which he called a “threat to freedom.”

The increase in ETF filings reflects confidence in crypto’s future. Leaders like Grayscale and ProShares continue to push boundaries. As the SEC evaluates these proposals, the crypto market remains eager for new opportunities and innovations.