Paul Atkins has officially been sworn in as the new chair of the U.S. Securities and Exchange Commission (SEC) and the cryptocurrency industry is watching him closely as he has a full-packed schedule ahead of him with over 70 crypto exchange-traded funds (ETFs) to check.
In a statement after he was sworn in on Monday, Atkins said he looks forward to ensuring that “the U.S. is the best and most secure place in the world to invest and do business.”
On Crypto Twitter, where crypto holders discuss Atkins’s role, the focus of talks is his massive responsibility to decide on the piled-up crypto ETFs that have yet to be approved or rejected.
Atkins Faces Pressure Over Crypto ETFs
Former Acting Chair Mark Uyeda has swiftly made progress in some of the applications around crypto-related ETFs, but none of them have been officially greenlit yet, and at this point, all eyes are on Atkins.
Data compiled by senior Bloomberg ETF analyst James Seyffart revealed that as of Monday, there are 72 crypto-related ETFs. “Gonna be a wild year,” said Eric Balchunas, another senior ETF analyst for Bloomberg.
$XRP Takes Top Spot in Most Filings
Based on Seyffart’s list, XRP, the native token of the XRP Ledger, has the most filings, including the first-mover filing from asset manager Bitwise and the more recent application from veteran asset management firm Franklin Templeton.
Another popular cryptocurrency that has seen successful filings in recent weeks is Solana (SOL), the native coin of the Solana blockchain.
There have also been filings for meme coins, which was initially a divisive option in the crypto space when the conversation first popped up under former SEC Chair Gary Gensler.
Once U.S. President Donald Trump took power, hopes for a potential meme coin ETF have climbed, paving the way for meme token ETF applications, including one from Grayscale for a Dogecoin (DOGE) ETF, and a filing from 21Shares for a Polkadot (DOT) ETF.
Will SEC Approve New Crypto ETFs Under Atkins?
When Trump nominated Atkins to take the SEC chairmanship, the crypto space celebrated, given his background as a pro-innovation advocate and his past comments about blockchain technology.
He has yet to comment on crypto ETFs, but he did signal support for the emerging sector.
During his Senate confirmation hearing, Atkins said he believes “clear rules of the road benefit all market participants.” Quite interestingly, many crypto leaders have called on the SEC under Gensler to provide clear rules on how to go about with their business.
He also expressed commitment toward establishing a “firm regulatory foundation for digital assets.”
The Gensler SEC was under fire over the years for its alleged “regulatory overreach.” At least based on Atkins’s comments regarding crypto regulation, it appears he is open to an overhaul of regulations that hamper market growth.
It remains to be seen whether the SEC under Atkins will give the green light for crypto ETFs, given the volatility of some crypto assets in the list.
The post New SEC Chair Paul Atkins Under Pressure With 72 Crypto-Related ETF Applications, $XRP Leads Filings appeared first on International Business Times.
