SEC Faces Backlog of 60 Crypto ETF Proposals Amid Leadership Transition

The U.S. Securities and Exchange Commission (SEC) is currently reviewing at least 60 spot crypto ETF proposals, according to Bloomberg. The agency's progress is somewhat stalled due to the pending confirmation of Donald Trump's pick, Paul Atkins, to lead the SEC following Gary Gensler's resignation on January 20. The SEC has recently delayed decisions on several proposals related to Litecoin, Dogecoin, Solana, and XRP ETFs, as well as options and staking on existing Ethereum ETFs. Bloomberg ETF analysts estimated last month that Litecoin ETFs have a 90% chance of approval, followed by Dogecoin (75%), Solana (70%), and XRP (65%). Experts suggest these delays are procedural, especially with a new SEC Chairman not yet in place. The SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. A crypto task force, launched last month and led by Republican SEC Commissioner Hester Peirce, is working to classify crypto assets as securities.