GSR has applied to the SEC for an ETF backed by crypto financial companies, reflecting heightened institutional interest as the U.S. regulatory landscape evolves. The GENIUS and CLARITY Acts, enacted in July 2025, have clarified the regulatory framework, with the CFTC overseeing most tokens as commodities and the SEC focusing on fraud enforcement. Additionally, the IRS has introduced new tax reporting rules for crypto transactions, including the 1099-DA form effective in 2026. These regulatory changes have spurred increased inflows into Ethereum-based products, contributing to a 16% price surge in August 2025.