ProShares has filed several applications for XRP-based ETFs following Gary Gensler's resignation from the SEC chairmanship, leading to changes in US crypto regulation.
Gensler's Departure and Its Impact on Crypto
ProShares' recent announcement of intentions to launch XRP-based ETFs comes in the wake of Gary Gensler's departure from his position as chairman of the United States Securities and Exchange Commission (SEC). Under Gensler's leadership, the SEC took active enforcement actions, making the crypto regulatory environment challenging and unpredictable. Many industry participants believe this slowed the adoption of cryptocurrencies in the United States. ProShares' filings indicate a potential shift in political climate and more favorable regulatory conditions.
Ripple Lawsuits and XRP Challenges
A major case during Gensler's tenure involved litigation against Ripple Labs, where the SEC accused the company of securities law violations. This negatively impacted XRP's development, although Ripple has recently secured several victories in court, instilling hope among investors.
Market Expectations Ahead of Political Shifts
With the upcoming inauguration of Donald Trump, the crypto industry anticipates changes in regulatory policies. Trump has vowed to replace Gensler and adopt a more crypto-friendly stance. Analysts predict this could lead to a more supportive framework for digital assets. ProShares' filings for XRP-related ETFs suggest the market is preparing for potential shifts and anticipating bullish momentum for cryptocurrencies, especially XRP.
ProShares' XRP ETF applications mark a significant shift in US crypto regulation. Gensler's departure and potential political changes lead to expectations of favorable conditions for the crypto industry.