James Seyffart (ETF Research analyst at Bloomberg Intelligence) on Altcoin ETFs in 2025: Blockworks
James Seyffart (ETF Research analyst at Bloomberg Intelligence) on Altcoin ETFs in 2025: Blockworks
James Seyffart said that SSAs with exchanges like Coinbase, Kraken, could satisfy the SEC’s concerns about market manipulation, but the SEC has historically leaned on futures markets for approval and also SEC have lawsuits against these exchanges. He also said their are no SOL ETF deadlines because the SEC just didn’t acknowledge filings so they basically denied them outright. He suggested that a change in SEC leadership, particularly under a potential Trump administration, could expedite the process. However, he cautioned against overly optimistic market expectations, noting that even with a more crypto-friendly SEC chair like Paul Atkins, the approval process could take until 2026. While he believes the approval of altcoin ETFs is a matter of “when, not if,” he does not guarantee it will happen in 2025. He pointed out that if issuers file much of Solana ETF filings right after Gary Gensler steps down and a new administration takes office, the SEC’s acknowledgment of these filings within a couple of weeks could provide a clearer timeline for approval. However, he questioned whether the SEC would prioritize these filings while other divisions still have open cases labeling these assets as securities. SEC might drop lawsuits against exchanges or settle them, which could pave the way for a more favorable regulatory environment. This would depend on the new leadership’s willingness to resolve these legal disputes and align the SEC’s internal divisions. Seyffart also highlighted the irony of SEC Chair Gary Gensler’s past involvement in teaching blockchain and crypto at MIT, contrasting it with his stringent regulatory stance under the Biden administration. He predicted that while a new administration might reduce regulatory headwinds, it won’t be a “free-for-all,” as the SEC will still target bad actors and enforce rules. : infinityhedge
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