ProShares Files for New XRP ETF Products as Gensler Prepares to Leave Office

Asset manager ProShares submits filings for new XRP ETF products, including leveraged, inverse, and futures ETFs as the community anticipates regulatory shifts.This development coincides with the imminent departure of Securities and Exchange Commission (SEC) Chair Gary Gensler, who is set to resign on Jan. 20, 2025, aligning with President-elect Donald Trump's inauguration. ProShares Files to Launch XRP ETFsNate Geraci, president of The ETF Store, highlighted this surge in ETF filings, noting that multiple asset managers have recently submitted applications for crypto exchange-traded products. Among these, ProShares' filings for XRP leveraged and inverse ETFs, as well as an XRP futures ETF, stand out. https://twitter.com/NateGeraci/status/1880416084299510041According to Geraci, other firms also joined the trend. VanEck applied for the Onchain Economy ETF, while Canary Capital proposed a Litecoin ETF. Oasis Capital introduced the Digital Asset Debt Strategy ETF, and CoinShares filed for a Digital Asset ETF. ProShares also filed for Solana ETFs.These filings come as the market expects a more favorable regulatory environment under the incoming administration. President-elect Donald Trump is expected to appoint Paul Atkins, a former SEC commissioner known for his pro-crypto stance, as the new SEC Chair. This potential leadership change has led industry experts to predict an increase in cryptocurrency-related financial products. Analysts believe that the new administration may facilitate the approval of additional crypto ETFs. Attorney Bill Morgan called attention to the latest filings in a post today.https://twitter.com/Belisarius2020/status/1880438879549010186The timing of these ETF filings is noteworthy, occurring just as Gary Gensler concludes his tenure as SEC Chair. During his time in office, Gensler implemented a rigorous approach to crypto regulation, including enforcement actions against various crypto operators. XRP ETF FilingsPrior to ProShares' recent filings, several asset management firms had initiated efforts to XRP ETF products. In October 2024, Bitwise Asset Management submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) for a spot XRP ETF. This proposed fund aimed to present investors with an opportunity to get direct exposure to XRP's value, with Coinbase Custody Trust Company designated as the custodian for the fund's XRP holdings. Following Bitwise's lead, 21Shares filed a Form S-1 with the SEC in November 2024, proposing its Core XRP Trust. This trust was to provide indirect market access to XRP, with Coinbase Custody Trust Company also serving as the custodian. In December 2024, WisdomTree officially filed for a spot XRP ETF, aiming to list shares on the Cboe BZX Exchange. Despite these proactive filings, the SEC has not approved any spot XRP ETFs, with no developments so far suggesting it would approve them. Polymarket notes a 70% chance of an XRP ETF approval this year.