Crypto ETF Approvals Delayed Pending Confirmation of New SEC Chair
The SEC is unlikely to approve any spot crypto ETF applications until new leadership is confirmed. Key points include:
- James Seyffart from Bloomberg Intelligence states that approvals are expected to be delayed until Paul Atkins is confirmed as SEC chair.
- Atkins has been nominated by President Trump, but no confirmation hearing is scheduled.
- The SEC recently delayed decisions on several spot crypto ETFs including XRP, Solana, Dogecoin, and Litecoin.
- Past approvals for Bitcoin and Ether ETFs took years, despite a regulated futures market for these assets.
- Current ETF applications do not meet the criteria previously established by the SEC.
- Seyffart estimates a 65% or higher chance of approval for some altcoin ETFs by year-end, depending on the new chair's confirmation.
- The SEC often extends application deadlines up to 240 days, which could affect future approvals.