On April 22, according to Decrypt, the new SEC Chairman Paul Atkins will face reviewing over 70 cryptocurrency ETF application files after officially taking office. These applications include Solana, XRP, Doge, Pengu, and some funds linked to meme coins. Bloomberg ETF analyst Eric Balchunas stated that currently, 72 cryptocurrency-related exchange-traded fund applications are awaiting feedback, including requests for listed options products. This crypto-friendly new chairman will make the first ruling on which cryptocurrencies can be approved as commodity trust products.
Last year, the SEC approved Bitcoin and Ethereum spot ETFs during Gary Gensler's tenure, marking a milestone in the crypto industry and raising deeper questions about which cryptocurrencies should be classified as commodities for Wall Street trading. Asset management companies are currently seeking feedback on applications for 15 cryptocurrencies beyond Bitcoin and Ethereum, including large-cap crypto assets like Solana, DOGE, and XRP, as well as emerging Solana-based tokens such as Bonk, Pengu, and Trump.
Under Acting Chairman Mark Uyeda, the SEC has begun to eliminate some regulatory uncertainties. In February, the SEC stated that it typically does not consider meme coins as securities. After postponing the XRP ETF decision in March, the SEC can extend the final decision deadline to mid-October.
