SEC Clears Path: Multiple Altcoin ETFs May Be Approved Together By Q2 2025

YEREVAN (CoinChapter.com) — The SEC released a new statement confirming that proof-of-work cryptoassets are commodities, not securities. The statement covers mining activities and says they do not involve the offer or sale of securities. That means such transactions do not need registration under the Securities Act.

The SEC ruling reads:

“It is the [SEC’s] view that mining activities do not involve the offer and sale of securities [and] that participants in mining activities do not need to register transactions with the Commission.”

This decision affects several altcoins. For example, Litecoin uses proof-of-work and now has clearer classification. Other proof-of-work cryptoassets like Monero and Kaspa might also benefit.

SEC Statement on Proof-of-Work Mining Activities and Covered Crypto Assets. Source: SEC

In February, the SEC declared that meme coins, such as Dogecoin, are not securities. This decision may reduce legal barriers for a Dogecoin ETF.

Altcoin ETFs Gaining Momentum After SEC Clarification

The updated commodity classification provides more clarity for asset managers interested in altcoin ETFs. The shift in SEC’s approach comes before several pending ETF applications.

Although Solana and XRP ETF applications were delayed last week, the CFTC has since approved futures trading for both assets. At the same time, the SEC dropped its lawsuit against Ripple, which had argued that XRP was a security.

These steps may affect the future of altcoin ETFs. The changes are taking place as the SEC prepares for a leadership transition. Hearings are scheduled next week for Paul Atkins, nominated by Donald Trump, to become the new SEC Chair.

SEC Nomination Hearing Schedule for Paul Atkins and Treasury Officials. Source: Eleanor Mueller

Eleanor Terrett reported:

“Donald Trump’s pick for SEC chair Paul Atkins will face the Senate Banking Committie next Thursday for his nomination hearing.”

If confirmed, Atkins will join Mark Uyeda and Hester Peirce, both known for focusing on the securities versus commodities debate.

SEC Legal Decisions Continue to Remove Barriers

Over the last two months, the SEC released ten non-binding interpretations. Several focused on whether different cryptoassets should be classified as securities or commodities. These decisions may clear the way for altcoin ETFs.

A predictions chart on Polymarket shows the approval odds for a Solana ETF by July. Meanwhile, the Commission dropped its key case against Ripple, ending claims that XRP was an unregistered security.

Polymarket Data Shows 36% Chance for Solana ETF Approval by July 2025. Source: Polymarket

The SEC also previously clarified that Dogecoin, a meme coin, is not a security. This decision adds to the pattern of removing legal blocks for ETF filings.

Caroline Crenshaw Warns of Loopholes in SEC Decision

Caroline Crenshaw, a Commissioner at the SEC, responded to the ruling with criticism. She said the statement leaves gaps and does not guarantee legal certainty.

Crenshaw stated:

“Buried in the footnotes, the statement reveals its true limitation: one actually would have to conduct a Howey analysis to know if a specific mining arrangement constitutes an investment contract.”

SEC Commissioner Caroline Crenshaw Criticizes Crypto Mining Statement and Regulatory Approach. Source: SEC

She noted that these are not binding rulings and questioned how the decisions will be applied. Crenshaw also highlighted that this is the tenth non-binding interpretation from the Commission in nine weeks.

Notably, she did not accuse the SEC of bias but questioned the approach. Crenshaw remains a public opponent of the SEC’s recent stance on cryptoassets. Her future role may change as leadership transitions.