SEC to Decide on 70+ Crypto ETFs in 2025

In what may be the most consequential year yet for cryptocurrency regulation in the United States, the Securities and Exchange Commission (SEC) is now tasked with reviewing over 70 crypto-related exchange-traded fund (ETF) applications in 2025 spanning everything from blue-chip altcoins to meme tokens and complex derivative products.

According to a source close to the matter, the surge in filings comes in the wake of the SEC’s greenlighting of spot Bitcoin and Ethereum ETFs earlier this year, a decision that sent ripples through the global financial community. Now, asset managers both institutional giants and boutique firms are queuing up to list a new wave of crypto ETFs aimed at retail and institutional investors alike.

“This is a watershed moment,” said Megan Ellis, a partner at crypto law firm LedgerLane LLP. “The SEC is facing unprecedented pressure to modernise its framework or risk pushing innovation offshore.”

What’s On the Table?

The ETF proposals cover a wide range of assets and strategies. Among them:

• Altcoin Spot ETFs: Applications for Solana (SOL), Avalanche (AVAX), Cardano (ADA), and XRP spot ETFs are under review.
• Meme Coin ETFs: At least two firms including one backed by a major retail broker have submitted proposals for DOGE and SHIB-based ETFs.
• Derivatives and Leveraged Products: Several firms are exploring ETFs tied to crypto options, perpetual futures, and inverse price action on major tokens.
• Thematic Baskets: Proposals also include Web3 Infrastructure ETFs, AI + Crypto Blends, and Metaverse Asset Funds.

Some of these products will face stricter scrutiny under Rule 6c-11, which governs transparency, liquidity, and fair valuation. But analysts believe the SEC’s willingness to approve spot crypto ETFs earlier this year indicates a regulatory shift is already underway.

The Clock Is Ticking

The SEC has until Q4 2025 to issue rulings on many of the proposals, although early-stage rejections or delays are possible. Sources within the ETF industry say internal working groups have been formed to help fast-track technical review processes for digital assets.

SEC Chair Gary Gensler has maintained a cautious tone, repeatedly emphasising investor protection. However, the appointment of Paul Atkins as a crypto markets advisor and growing bipartisan pressure in Congress may accelerate a more open regulatory approach.

“There’s a clear pivot towards accommodation, not confrontation,” said Charles Deen, an ETF analyst at Greenlight Global. “The SEC doesn’t want another Grayscale-style courtroom embarrassment.”

Why It Matters

The approval or rejection of this new generation of crypto ETFs will have a significant impact on market liquidity, institutional access, and mainstream adoption. Analysts say a greenlight on just a few of these applications could unlock billions in fresh capital inflows.

Until then, the industry waits and watches.

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