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The US Securities and Exchange Commission (SEC) is preparing to tackle a significant influx of cryptocurrency-related exchange-traded fund (ETF) applications.
Currently, 72 such proposals are awaiting approval, ranging from funds that track major assets like Solana (SOL), and Dogecoin (DOGE) to more speculative options tied to meme coins and tokens such as the Bonk (BONK), Official Trump (TRUMP), and even Official Melania (MELANIA) token.
Crypto ETFs Under New Leadership
According to Bloomberg ETF analyst Eric Balchunas, 2025 promises to be a “wild” ride for crypto investors and asset managers alike.
The latest development comes as Paul Atkins was sworn into office as the 34th Chairman of the SEC two weeks after he was confirmed by the US Senate. His previous role at the securities regulator saw him championing deregulation, but the rapidly expanding crypto market will likely require him to make some tough decisions, particularly regarding which digital assets qualify as commodities.
These choices will have significant implications for whether certain cryptocurrencies can be traded as commodity-based trusts, similar to gold and other traditional assets.
Last year, under former SEC Chair Gary Gensler, the commission approved spot Bitcoin and Ethereum ETFs. The move set a precedent that opened the door for other digital assets to seek similar treatment.
For its part, the SEC, under acting chair Mark Uyeda, had made it clear in its February statement that meme coins are not typically considered securities.
XRP ETF Applications Pile Up
XRP ETFs are part of the 72 applications pending with the SEC. Major asset managers such as Grayscale, 21Shares, Bitwise, CoinShares, Canary, WisdomTree, and Franklin have all submitted S-1 filings to launch these funds in the US. More than 10 asset managers are involved in these proposals.
To top that, several exchanges, including Cboe and NYSE Arca, have filed 19b-4 applications with the agency to allow the trading of XRP ETF shares.
Meanwhile, betting markets on Polymarket have currently placed the chances of an XRP ETF approval at 70% this year.
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