New SEC Chairman Paul Atkins, Over 70 Cryptocurrency ETF Reviews Planned
SEC Facing Various Cryptocurrency ETF Reviews (Source: AP)
As soon as the new chairman of the United States Securities and Exchange Commission (SEC), Paul Atkins, takes office, he is facing more than 70 reviews of cryptocurrency exchange-traded funds (ETFs). Applications for ETFs containing unique assets such as Dogecoin, Pengu, Solana, XRP, and Melania Meme Coin are being submitted one after another, which is expected to be an early test for the new leadership.
Eric Balchunas, a Bloomberg ETF analyst, said on Social Media X on the 9th, "A total of 72 cryptocurrency ETFs are currently waiting for SEC approval," and "This will be a very exciting year." The application includes not only top market capitalization tokens but also a new type of digital asset based on social memes.
Paul Atkins officially took office as SEC chairman after being nominated by President Trump and confirmed by the Senate. He has previously served as an SEC commissioner and is considered market-friendly and supportive of regulatory relaxation. This return could be a turning point for resetting the regulatory direction of the digital asset market, including cryptocurrency.
Last year, under the leadership of former chairman Gary Gensler, the SEC announced a major change by approving spot Bitcoin and Ethereum ETFs for the first time. However, whether other cryptocurrencies, except Bitcoin and Ethereum, can be recognized as commodities remains a debate. The ETFs applied for this time include not only major altcoins such as Solana, XRP, and Dogecoin but also various assets like Pengu, Bonk, and Trump-related coins, which are expected to broaden the scope of regulatory judgment.
The SEC has not yet released an official position on these ETFs. Especially regarding the XRP ETF, since the review was deferred last March, there is a possibility that a decision will be postponed until mid-October. The industry is keen to see if Atkins will offer a different perspective from the former chairman and suggest a direction on this issue.
The criteria surrounding Meme Coins are still ambiguous. The SEC stated earlier this year that Meme Coins are not considered securities, but it has not made a clear judgment on whether they can be included in the ETF structure. Some applicants are currently awaiting feedback, and the SEC has been discussing this under the acting Mark Ueda system.
With the inauguration of Chairman Atkins, the industry is focused on whether a new breeze can blow through the cryptocurrency market as a whole, and whether the SEC can present clearer standards and open the ETF market further.