It’s the day of the Fed’s rate announcement, but I’d like to take a minute to review some recent crypto ETF filings.
Solana ETF and XRP ETF proposal appeared shortly after US Bitcoin and Ether ETF launch in 2024.
REX Shares, Osprey and Trump’s memecoin were all working on plans for a litecoin-based fund before REX Shares last week proposed ETFs. Tuttle Capital Management — further testing the limits — more recently floated leveraged ETFs linked to 10 different crypto assets.
Bitwise has just filed an S-1 form for its dogecoin ETF. Cboe has also filed its 19b-4s in relation to solana-related ETFs offered by Bitwise, 21Shares VanEck, and Canary Capital. Gensler was not reportedly interested in these.
Some believe that Elon Musk’s support of DOGE may help to speed approval of Bitwise’s newest proposal.
The SEC has yet to decide how it will handle the “so-called” IPOs, according to a person who is familiar with the documents. “Winklevoss standard.” The name reflects the agency’s interpretation of the Exchange Act when it rejected the Winklevoss twins’ bitcoin ETF proposal in 2018 — requiring the existence of “a regulated market of significant size.”
The SEC, in the past and still today, has been pushing for a regulated cryptocurrency futures market. Currently there are only BTC and ETH. CME is still unsure if they will introduce SOL and XRP Futures Contracts in the future.
“How the SEC changes, or doesn’t change, its view on this specific interpretation is the key for these new filings,” The person, who spoke on condition of anonymity during discussions between regulators and issuers.
SEC officials have not publicly indicated that they are open to changing their stance. But the person pointed out that SEC Commissioner Hester Peirce — now leading a crypto task force — “notably” Disagreed with the SEC interpretation of the first order which established this requirement.
Mark Uyeda has been appointed as the acting SEC chairman following Gary Gensler’s resignation. Paul Atkins is Trump’s pick to be the new head of SEC. The Senate must confirm him.
Adrienne GURLEY, a Venable LLP partner and former SEC senior counsel, referred to Atkins as “pro-innovation” You can also find out more about the following: “not in favor of onerous requirements that are cost-prohibitive for companies.”
She expects that there will eventually be “a case by case evaluation” The proposed crypto-products
“Further, the SEC will have to coordinate with the CFTC on certain guidelines,” Gurley has told me. “So I don’t expect an overnight response to this, [but] rather a slow rollout of approvals.”
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