In short
Incoming SEC Chair Paul Atkins can have greater than 70 crypto ETF hopefuls to evaluation when he begins within the position.
Funds pegged to Dogecoin, Pengu, Solana, XRP, and the Melania meme coin are all within the combine.
After punting on XRP ETFs in March, the company can delay its closing resolution till mid-October.
Incoming SEC Chair Paul Atkins can have an avalanche of crypto-related purposes to sift by means of when he formally takes management of the regulator.
Hopeful issuers now await suggestions on 72 crypto-linked exchange-traded funds within the U.S., together with requests to record choices, in response to Bloomberg ETF analyst Eric Balchunas.
“Gonna be a wild yr,” he mentioned on X, previously Twitter, on Monday, noting ETF hopefuls have positioned themselves to supply funds for belongings starting from Solana to the primary woman’s meme coin.
Atkins was confirmed as U.S. President Donald Trump’s choose to steer the Securities and Change Fee by a full Senate vote round two weeks in the past. His swearing-in ceremony is predicted to happen quickly, marking an official begin to the SEC’s push to control crypto collaboratively below new management.
Though Atkins was a proponent of deregulation throughout his earlier stint on the SEC, analysts say the crypto-friendly veteran could need to make a couple of first-time calls, particularly with regards to which cryptocurrencies may be permitted for listings as commodity-based trusts.
Balchunas didn’t instantly reply to a request for remark from Decrypt.
Final yr, the SEC permitted spot Bitcoin and Ethereum ETFs below former SEC Chair Gary Gensler. Whereas the approvals represented a landmark second for the crypto business, it raised deeper questions on which cryptocurrencies needs to be regulated as commodities, and due to this fact be allowed to commerce on Wall Avenue similarly to belongings like gold.
In whole, asset managers are on the lookout for suggestions on purposes tied to fifteen totally different cryptocurrencies past Bitcoin and Ethereum. These embody purposes centered on digital belongings with massive valuations like Solana, Dogecoin, and XRP—alongside comparatively nascent ones just like the Solana-based tokens Bonk, Pengu, and Official Trump.
Below Performing SEC Chair Mark Uyeda, the company has chipped away at some regulatory uncertainty. In February, the SEC mentioned that it usually doesn’t take into account meme cash to be securities, but it surely didn’t advise whether or not they have been becoming for Wall Avenue wrappers.
For belongings like XRP, the SEC gained’t be compelled to decide instantly after Atkins takes the reins on the company. After punting on XRP ETFs in March, the company can delay its closing resolution till mid-October.
Edited by Stacy Elliott.
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