Paul Atkins leads SEC amid growing crypto ETF proposals, with Bitcoin, Solana, and XRP leading the race for approval - IcoHolder.

Paul Atkins has officially assumed the role of Chair at the U.S. Securities and Exchange Commission (SEC), bringing with him a firm commitment to maintaining the United States as the premier destination for investment and business. His appointment comes at a pivotal moment, as the SEC faces mounting pressure to define the role of digital assets in traditional finance—particularly as the number of crypto ETF applications continues to grow.

Currently, the SEC is reviewing 72 crypto-related exchange-traded fund (ETF) proposals. These applications span a broad spectrum of digital assets, from well-established tokens like XRP, Litecoin, and Solana, to more speculative assets such as Dogecoin and novelty tokens like 2x Melania. Despite the surge in altcoin and meme coin ETF filings, Bitcoin still dominates the market, with Bitcoin ETFs accounting for 90% of all global crypto fund assets.

According to Bloomberg ETF specialist Eric Balchunas, Bitcoin is likely to maintain 80-85% of the market share in the long term, underscoring its dominant position in the crypto ETF landscape. As institutional interest in digital assets grows, with 80% of firms planning to increase their crypto allocations by 2025, analysts caution that approval of these ETFs does not guarantee their success. Balchunas likens ETF approval to music streaming, noting that simply being listed on a platform like Spotify does not ensure listeners.

XRP, Solana, and meme coins are emerging as frontrunners in the ETF race. XRP leads the charge with multiple ETF filings, including early submissions by Bitwise and more recent ones from Franklin Templeton. Solana has also gained traction, with several successful ETF filings, while meme coins like Dogecoin and Polkadot are not far behind. Grayscale’s Dogecoin ETF and 21Shares’ Polkadot ETF are both under review, adding to the growing list of unconventional crypto offerings.

Meanwhile, major investment firms such as VanEck and ARK Invest are ramping up their crypto exposure. VanEck recently received approval for its “Onchain Economy ETF,” which will include a mix of 30 to 60 stocks tied to the crypto ecosystem, ranging from mining companies to traditional financial firms involved in crypto. ARK Invest has also made a significant move by adding staked Solana to two of its ETFs, giving U.S. investors their first chance to gain direct exposure to Solana through an ETF.

With a wave of new products on the horizon and increasing demand from investors, all eyes are on Atkins to see how he will navigate the growing intersection of traditional finance and digital assets. The volatility of underlying assets raises questions about whether Atkins will adopt an aggressive approach to crypto ETF approvals or take a more cautious stance. The next few months will likely reveal the SEC’s direction under his leadership.