ProShares Files for XRP ETFs as Gensler’s Tenure Ends, Signaling Shift in Crypto Regulation

• ProShares files several XRP ETFs as the Gensler departs, marking a change in US crypto regulation.
• Experts are expecting increased trade on the XRP market because of Trump’s potential pro-crypto stance and Gensler leaving.
• The case against Ripple by the SEC is still a concern when regarding XRP, but recent victories before the court give hope to investors.

The most recent such issuer is ProShares, which has applied for new crypto track assets such as XRP leveraged and inverse ETFs as well as XRP futures ETFs. This happened as Gary Gensler stepped down from the chairmanship of the U.S. Securities and Exchange Commission (SEC). The fact that they made these filings at this particular time has raised the interest of crypto lawyers and analysis of the emerging changes in the regulatory status.

This is a major change in the general regulatory landscape of cryptocurrencies, now that Gensler has left. In his period the enforcement actions and legally driven decisions of the SEC were largely viewed as complications to the growth of the crypto space. Some of them think that the helm of Gensler slowed the rate of implementation of cryptocurrencies in the United States and numerous crypto projects faced legal issues and litigation. ProShares’ filings reveal this general belief among the participants in the crypto market that a political change may permit friendly regulation.

The Ripple Lawsuit and XRP’s Woes

Another significant case under Gensler’s chairmanship involved one of the largest and most publicized cases of securities law violations of the nascent industry and the technology-driven company Ripple Labs and its creation, the XRP. Unfortunately, prolonged litigation has hindered XRP’s development though it started well in the crypto market. 

With Donald Trump’s upcoming inauguration, the crypto industry is anticipating a shift in regulatory policies. Trump has made it clear that he plans to replace Gensler and adopt a more crypto-friendly stance. Analysts predict that this change could result in a more supportive framework for digital assets. ProShares’ filings for XRP-related ETFs suggest the market is bracing for a potential regulatory shift, with expectations of bullish momentum for crypto assets, especially XRP.