Incoming SEC Chair Paul Atkins will review 72 crypto ETF applications, including those for assets like Solana, XRP, and meme coins. His leadership follows prior delays on XRP ETFs, with a decision expected by mid-October. The SEC must determine which cryptocurrencies qualify as commodities, influencing their approval for listings, while regulatory clarity remains a critical focus for the crypto landscape.
Paul Atkins, the incoming Chair of the SEC, faces the task of reviewing over 70 applications for crypto exchange-traded funds (ETFs). This includes funds associated with assets like Dogecoin, Solana, and XRP, among others. The agency previously deferred decisions regarding XRP ETFs in March, which permits further delay until mid-October for final verdicts.
The SEC currently has 72 crypto-related ETF applications under consideration, spanning a range of cryptocurrencies from established ones like Bitcoin and Ethereum to emerging assets such as Pengu and the Melania meme coin. Market analysts suggest that the oversight during Atkins’ term will be significant.
Atkins has been confirmed as the SEC Chair, succeeding Gary Gensler, and is expected to foster a collaborative regulatory environment. His previous inclination towards deregulation may pose challenges as he navigates which cryptocurrencies are deemed appropriate for commodity trust listings.
Last year, the SEC sanctioned the first spot Bitcoin and Ethereum ETFs, prompting debates over which cryptocurrencies qualify as commodities. Additionally, asset managers have submissions linked to 15 distinct cryptocurrencies, reflecting the evolving landscape of digital asset regulation.
Under interim Chair Mark Uyeda, the SEC clarified its stance on meme coins, generally not classifying them as securities while leaving their suitability for ETF structures unanswered. With pressing decisions on XRP and newer tokens on the agenda, Atkins’ leadership will be pivotal.
As the market anticipates his decisions, industry stakeholders remain poised for developments in crypto regulation that could reshape trading frameworks and investment opportunities.
