Gary Gensler Leaves, Many Companies Submit Crypto ETF To SEC

JAKARTA - After Gary Gensler resigned from the position of Chairman of the United States Securities and Exchange Commission (SEC) on January 20 yesterday, the number of applications for crypto exchange-traded funds (ETF) increased sharply. In a short time, the proposal for the proposed crypto ETF increased to 100%.

This situation shows great interest from various parties to participate in the digital asset market. Currently, the SEC is reviewing 33 crypto ETF applications, including for new assets such as TRUMP and DOGE, which are increasingly popular in the memecoin market.

Eric Balchunas, senior ETF analyst at Bloomberg, said that the number of requests has doubled since Gensler left office.

A number of investment giants, such as Grayscale, Franklin Templeton, and ProShares, are applying for the ETF which includes Bitcoin (BTC), Ether (ETH), and other digital assets.

Grayscale, for example, proposed two new ETFs, each for Solana (SOL) and digital asset baskets. Hashdex and Franklin also made similar requests with a focus on the combination of Bitcoin and Ether.

Although many ETF proposals have been submitted, Balchunas estimates that Bitcoin will remain the main focus in the crypto ETF world. "Most of the funds will flow to the Bitcoin Spot ETF," he said. He compared this situation to the commodity market, where gold remains the dominant choice despite alternatives such as silver.

Additional information, following Donald Trump's inauguration as President of the United States, REXShares and Osprey Funds immediately submitted proposals for the ETF covering various crypto assets, such as TRUMP, ETH, BTC, SOL, XRP, BONK, and DOGE. The announcement had a positive impact on the market, with the price of BONK rising 15% in 24 hours and DOGE increasing by more than 6%.