Paul Atkins, the expected incoming Chair of the U.S. Securities and Exchange Commission (SEC), is set to inherit a crowded docket of crypto ETF applications—more than 70 filings currently awaiting regulatory action. These range from established altcoins like Solana and XRP to speculative meme-themed products.
According to Bloomberg ETF analyst Eric Balchunas, the current ETF queue includes both spot-based exchange-traded funds and options-linked products. Balchunas described the pipeline as “stacked,” noting that asset managers are positioning themselves for a wave of approvals under what many expect to be a more crypto-friendly SEC administration.
So far, only spot Bitcoin and Ethereum ETFs have been approved in the U.S., but momentum is building for broader access. With the SEC leadership transition nearing completion—and increasing political will supporting digital asset innovation—analysts believe 2025 could be a breakthrough year for altcoin-based investment products.
New Chair Faces Key Crypto Classifications
Atkins, who previously advocated for deregulation during his earlier SEC tenure, is expected to confront some of the most pressing regulatory questions in digital finance: which cryptocurrencies qualify as commodities, and which are eligible for listing as commodity-based ETFs on U.S. exchanges.
His predecessor, Gary Gensler, approved spot ETFs for Bitcoin and Ethereum in a historic pivot last year, but avoided classifying other major altcoins such as Solana, XRP, and Cardano. With dozens of pending altcoin ETF filings—including applications from leading asset managers—Atkins is poised to shape the next phase of crypto’s integration into U.S. capital markets.
Industry analysts say Atkins’ stance could either broaden access to digital asset investment vehicles or continue the regulatory ambiguity surrounding most cryptocurrencies’ classifications.
As he prepares to take the helm, markets are watching for early signals on whether the SEC will expand its definition of commodity-grade crypto assets—and whether the next wave of altcoin ETFs will arrive on Wall Street.
SEC Weighs Altcoin ETF Proposals Including Meme Coins
According to Bloomberg data, ETF applicants are seeking SEC guidance on at least 15 altcoin-related products. These span well-known cryptocurrencies like Solana, XRP, and Dogecoin, as well as newer community-driven tokens such as Bonk, Pengu, and the politically themed “Official Trump” coin—all of which are built on the Solana blockchain.
Under Acting Chair Mark Uyeda, the SEC made early efforts to reduce regulatory uncertainty. A February statement suggested that most meme coins do not meet the legal definition of securities. However, the agency stopped short of confirming whether such tokens are eligible for inclusion in public investment products like ETFs.
While some rulings may be imminent, others—such as XRP—are expected to face continued delays. The SEC postponed its decision on XRP ETF filings in March, and a final ruling isn’t required until October, giving Atkins time to shape a broader framework for crypto-backed funds.
Quick Facts
- Over 70 crypto ETF filings are currently under SEC review, including proposals tied to Solana, XRP, and meme tokens.
- Paul Atkins is expected to take over as SEC Chair, potentially shifting the agency’s approach to crypto.
- Applications include spot-based and options-linked ETF products.
- Analysts forecast 2025 as a key year for altcoin ETFs, depending on regulatory momentum.
