ETFs Can Launch—But Can They Land?

While new SEC rules may spark a wave of crypto ETPs, their success will depend on real demand.

Author

Danielle du Toit
September 17, 2025

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Here's what we've got for you today:

  • SEC Listing Rules to Boost Crypto ETFs, But No Guarantee of Inflows: Bitwise

  • Ethereum Treasury Firm The Ether Machine Files with SEC to Go Public via Dynamix Merger

  • Bitwise Files for Stablecoin and Tokenization ETF

  • Coinbase Asks US DOJ to Take Steps to Prevent State Enforcement Cases

Bitwise CIO Matt Hougan warns that while new SEC rules may spark a wave of crypto ETPs, their success will depend on real investor demand.

  • The SEC’s upcoming generic listing standards could allow a flood of new crypto ETPs, potentially as early as October. This is according to Bitwise CIO Matt Hougan.

  • Hougan warned that the launch of a crypto ETF does not guarantee strong inflows, and that investor demand depends on the underlying asset’s fundamentals.

  • While products tied to assets like Bitcoin may thrive, Hougan suggested weaker cryptocurrencies like Bitcoin Cash could struggle to attract interest without renewed momentum.

Ethereum treasury firm The Ether Machine filed a draft SEC registration as it gets ready to go public.

  • Ethereum treasury firm The Ether Machine filed a draft Form S-4 with the SEC as part of its plan to go public in the US through a merger with special-purpose acquisition company Dynamix Corporation.

  • The filing is the next step toward the company’s plan, which was first revealed in July, to complete the merger and list publicly by the fourth quarter of this year.

  • The Ether Machine described the move as “shifting into the next gear,” and is a sign of progress in its mission to formalize its public market entry.

Bitwise filed with the SEC for a Stablecoin & Tokenization ETF, to give investors balanced exposure to equities and crypto assets in two fast-growing sectors.

  • Bitwise filed with the SEC to launch a “Stablecoin & Tokenization ETF,” which will track an index split evenly between equities and crypto assets.

  • The ETF’s equity sleeve will focus on stablecoin and tokenization companies, while the crypto sleeve will include blockchain infrastructure, oracles, and regulated Bitcoin and Ethereum ETPs.

  • The move sheds some light on the rising competition in mixed crypto-equity ETFs. Bitwise itself already managing over 20 US-listed crypto ETFs.

⚖️ Coinbase Asks US DOJ to Take Steps to Prevent State Enforcement Cases

Coinbase is calling on the DOJ to curb state-level crypto lawsuits after the SEC dropped its case.

  • Coinbase urged the US Department of Justice to intervene in state-level crypto enforcement, after lawsuits like Oregon’s claim that the exchange sold unregistered securities.

  • Chief Legal Officer Paul Grewal argued in a letter that Congress should enact federal preemption to stop states from pursuing cases when federal regulators have already stepped back.

  • The push comes after the SEC dropped its case against Coinbase in February, though multiple state regulators have continued their own actions.

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