2025-3-21 02:41 |
The SEC declared today that proof-of-work cryptoassets are not bound by securities regulations. Based on this clarity and the commissions latest actions, BeInCrypto analysts predict that the SEC will approve multiple altcoin ETFs together by the end of Q2 2025
Meanwhile, Caroline Crenshaw, an anti-crypto SEC Commissioner, made another statement of public dissent today. She claimed that this ruling is full of loopholes, but it’s doubtful that these objections can stop a dedicated pro-crypto agenda.
SEC is Laying the Groundwork to Approve more ETFsIn a press release today, the Commission decided that proof-of-work cryptoassets are not considered securities under US law. Like Bitcoin, the entire asset class should be considered commodities. The SEC’s decision here could have huge implications for altcoin ETFs.
“It is the [SEC’s] view that mining activities do not involve the offer and sale of securities [and] that participants in mining activities do not need to register transactions with the Commission under the Securities Act or fall within one of the Securities Act’s exemptions from registration,” the SEC’s statement claimed.
This regulatory clarity could change the odds of ETF approval for a few proof-of-work (PoW) cryptoassets. For example, Litecoin, which falls in this category, was already very likely to receive approval.
With this ruling, more asset managers might be inclined to offer ETFs for other PoW coins, like Monero or Kaspa.
However, this trend also goes beyond PoW cryptoassets in general. The SEC has been systematically declaring several assets to be commodities.
For example, in February, it declared that meme coins are not securities. This potentially clearly the regulatory roadblock for Dogecoin ETFs.
SEC Wants Paul Atkins to Join Under a Clean SlateIn other words, the SEC could be declaring all these assets to not be securities as a way of laying foundations for any future ETF applications. When viewed through this angle, even a few apparent setbacks could be the groundwork for future gains.
Case in point, the Comission delayed ETF applications for Solana and XRP last week. However, the CFTC has since approved futures trading on both assets, boosting their ETF odds.
Meanwhile, the Commission also dropped its landmark lawsuit against Ripple, which hinged on the supposition that XRP is a security.
Solana ETF Approval Odds By July on Predictions Market. Source: PolymarketSo, all of these decisions are collectively removing any regulatory hurdles that can restrict altcoin funds from entering the institutional markets.
Next week, the Senate will reportedly begin confirmation hearings on Paul Atkins, Trump’s pick to be the next SEC Chair. By the time those applications meet another deadline, Atkins could be seated.
It’s likely that Atkins will have an easy decision to approve a bunch of different altcoin ETFs, as Mark Uyeda and Hester Peirce are already clarifying securities and commodities debate.
“Donald Trump’s pick for SEC chair Paul Atkins will face the Senate Banking Committie next Thursday for his nomination hearing. Trump’s pick for OCC, Jonathan Gould, will also have his hearing,” wrote Eleanor Terrett.
Crenshaw Speaks Out Once AgainGiven the current regulatory trends and SEC actions, BeInCrypto projects that the Comission is preparing to approve several altcoin ETFs during Q2 2025.
However, not everyone on the Commission is prepared to go along with it. Caroline Crenshaw, a Commissioner who recently broke ranks to publicly dissent with the SEC’s pro-crypto turn, criticized today’s decision too.
“Buried in the footnotes, the statement reveals its true limitation: one actually would have to conduct a Howey analysis to know if a specific mining arrangement constitutes an investment contract. For the sake of investors, other market participants, and the markets themselves, I hope that readers do not mistake it for something more than it is,” she said.
Crenshaw asserted that the SEC’s argument is full of several other serious loopholes, and doesn’t actually guarantee that PoW tokens are free from securities laws.
She said that today’s decision is the tenth such “non-binding interpretation” in nine weeks, although she stopped short of directly accusing her colleagues of making biased rulings to favor the crypto industry.
Still, Crenshaw’s time at the SEC is running out. If nobody wishes to test these loopholes, it’s functionally the same as if they did not exist.
The post SEC Might Approve Multiple Altcoin ETFs Together In Q2 2025 appeared first on BeInCrypto.
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