Unprecedented Crypto Industry Pressure Mounts on the US Securities and Exchange Commission (SEC) in 2025

The US Securities and Exchange Commission (SEC) faces unprecedented crypto industry pressure in 2025.

The US Securities and Exchange Commission (SEC) faces a year of unprecedented pressure from the crypto industry, as highlighted by a recent analysis from analyst MartyParty.

As of Monday, a record 72 applications for crypto exchange-traded funds (ETFs) are pending approval by the SEC, covering a wide range of assets, from top altcoins like XRP and Solana to various meme coins and even leveraged tokens.

The applications come as the SEC is set to make a final decision on several spot Bitcoin ETF proposals by mid-August, with several filings from industry giants like BlackRock and Ark Invest already in the works since 2021.

This follows the approval of the first-ever futures Bitcoin ETFs in October 2022, which sparked a wave of interest in crypto products from major financial institutions.

However, despite the buzz around altcoin ETFs, it’s worth noting that the SEC has yet to approve any spot crypto ETFs other than Bitcoin and Ethereum.

The agency has faced criticism for its slow pace of action and for allegedly changing the goalposts on several occasions, leading to delays in the approval process.

Earlier this year, the SEC also faced a setback in court as a judge ruled against the agency’s bid to block an ETF filing from asset management firm, Turtle Creek. The ruling could pave the way for more efficient approval procedures.

The Build-Up To A Critical Point

The new SEC Chair, Paul Atkins, is now tasked with making this crucial decision on the fate of crypto ETFs. Given Atkins’ known deregulatory stance, his confirmation in June might lead to regulatory shifts.

Atkins will also need to decide how diverse crypto tokens might be structured, potentially as commodity-based trusts like the approved spot Bitcoin ETFs. His decisions on this could set critical precedents for future listings.

As of mid-April, XRP and Solana appear to be leading the altcoin ETF race, likely fueled by interest from institutions.

Specifically, there are ten applications for an XRP ETF, and five for a Solana ETF. In comparison, Litecoin and Dogecoin each have three applications.

The list also includes unconventional funds, such as a leveraged Melania Trump token ETF from Turtle Capital. This Cayman Islands issuer filed ten leveraged crypto proposals total, highlighting how deeply crypto has become embedded in speculative and institutional finance.