With Gary Gensler’s tenure as the Chair of the Securities and Exchange Commission (SEC) coming to an end, the cryptocurrency industry is making a bold move by submitting a flurry of applications for exchange-traded funds (ETFs). This comes as no surprise, as Gensler has been known for his strict stance on regulating the crypto market.

The SEC has been hesitant to approve any ETFs related to cryptocurrencies, citing concerns over market manipulation and lack of investor protection. However, with Gensler’s departure, the industry sees an opportunity to push for the approval of these investment vehicles.

ETFs are a popular investment option for traditional assets such as stocks and commodities, as they offer investors a way to gain exposure to a particular market without directly owning the underlying asset. The crypto industry has long been advocating for the approval of ETFs, as it would provide a more accessible and regulated way for investors to enter the market.

The flood of ETF filings to the SEC includes applications from major players in the industry, such as Fidelity Investments, VanEck, and Valkyrie Digital Assets. These companies have been waiting for the right moment to submit their proposals, and with Gensler’s departure, they see a window of opportunity.

While the SEC has yet to approve any crypto-related ETFs, the industry remains hopeful that Gensler’s successor will have a more favorable stance towards these investment vehicles. With the growing mainstream adoption of cryptocurrencies, the demand for regulated investment options is only increasing.

As the crypto market continues to mature, the approval of ETFs could be a significant step towards its mainstream acceptance. It would not only provide investors with a safer and more regulated way to invest in cryptocurrencies but also signal the SEC’s recognition of the industry’s legitimacy.

In the meantime, the crypto industry will eagerly await the SEC’s decision on these ETF filings, which could have a significant impact on the market’s future.