As asset managers continue to submit filings to list and track spot crypto exchange-traded products, the U.S. Securities and Exchange Commission is a bit hamstrung to help crypto markets take the next step.
U.S. President Donald Trump tapped long-time crypto supporter Paul Atkins to lead the SEC in December, following Gary Gensler's resignation on Jan. 20. However, Atkins has yet to face confirmation hearings, though that could happen soon, according to Semafor.
'The White House still hasn’t produced the paperwork needed for the Senate to schedule his confirmation hearing," people familiar with the process told Semafor on March 3. "That includes Atkins’ financial disclosure, likely a heavy lift given his marriage into a billionaire family."
The outlet noted both of Atkins' predecessors underwent confirmation hearings in March.
Over the past 24 hours, the SEC has delayed taking the next steps for several proposals regarding Litecoin, Dogecoin, Solana and XRP ETFs. The agency has also delayed taking up proposals related to listing options and staking on current Ethereum ETFs. Industry experts say there's nothing to worry about in terms of the process.
"No surprise… will just take some time. New SEC Chairman not even in place yet," ETF Store President Nate Geraci said in a post on X.
"It's expected as this is standard procedure & Atkins hasn't even been confirmed yet," Bloomberg Intelligence analyst James Seyffart said on X. "This doesn't change our (relatively high) odds of approval. Also note that the final deadlines aren't until October for these."
Last month, Bloomberg ETF analysts estimated that Litecoin ETFs (90%) have the highest chance of approval. Dogecoin funds received a 75% chance of approval, followed by Solana (70%) and XRP (65%) products. According to Bloomberg, at least 60 crypto ETF proposals are waiting for review.
"Relax, remember the bitcoin and ether ETfs were delayed like 3x and they were approved," Bloomberg senior ETF analyst Eric Balchunas said on X. "This is the govt we're talking about not Amazon prime."
The SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. A crypto task force, led by Republican SEC Commissioner Hester Peirce, was launched last month and has been working on distinguishing which "crypto assets" are securities, among other priorities.
In a sign of the SEC's positive shift towards the industry, it has rescinded controversial crypto accounting guidance and dropped cases against Coinbase, OpenSea, Robinhood Crypto and UniSwap, among others.
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