XRP, SOL, DOGE ETFs Likely Won’t Be Approved Until New SEC Chair Is Sworn In

Despite recent developments surrounding several applications for spot crypto exchange-traded funds (ETFs), significant decisions from the Securities and Exchange Commission (SEC) remain unlikely until new leadership is firmly established. James Seyffart, an ETF analyst at Bloomberg Intelligence, commented on the situation, expressing skepticism about any approvals before Paul Atkins is confirmed as the new SEC chair. “I would have been very very surprised if they approved any of these filings before Atkins was confirmed at their first deadlines,” Seyffart stated, indicating that the agency appears to be delaying its decisions until its leadership is fully settled.

Rumors suggest that Atkins, who has been nominated by President Donald Trump, could bring a different approach to the regulatory environment surrounding cryptocurrencies. Trump appointed the former SEC commissioner and current CEO of Patomak Global Partners to lead the agency following the resignation of Gary Gensler in January. As of now, a confirmation hearing for Atkins has yet to be scheduled, prolonging uncertainty over the direction of SEC policy.

The SEC recently postponed decisions on multiple spot crypto ETFs, including notable assets like XRP, Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC). While this delay was somewhat anticipated, Seyffart noted that it still fueled speculation about the regulatory body’s direction.

Historically, it has taken issuers considerable time to obtain the SEC’s approval for launching spot bitcoin (BTC) and ether (ETH) ETFs, despite the existence of well-established regulated futures markets for both cryptocurrencies. The SEC had been particularly cautious, employing an important criterion that none of the current ETF applications meet. However, Seyffart and his colleagues believe that there remains a strong chance—estimated at 65% or higher—that approvals for several altcoin ETFs could occur before the year ends. Decisions for some applications are due in May and June, yet their outcomes continue to hinge on the confirmation of the new chair.

In past reviews of spot bitcoin and ether ETF applications, the SEC has utilized procedural delays, often extending decision deadlines to as much as 240 days—the maximum time allowed to approve or reject an application. Despite speculation that a new chair might expedite approvals, Seyffart cautioned that immediate decisions after that confirmation are not guaranteed.

The crypto space continues to watch closely as the regulatory landscape evolves under new leadership, with many hoping for clearer signals that could pave the way for broader acceptance and integration of digital assets within traditional financial markets.