SEC Hits Snooze on Altcoin ETFs!

The SEC delayed its decision on XRP, Solana, Litecoin, Dogecoin ETFs.

Author

Danielle du Toit
March 12, 2025

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

  • SEC Delays Decision on XRP, Solana, Litecoin, Dogecoin ETFs

  • EU Regulators Probe OKX’s Role in $100M Bybit Hack Laundering

  • Senator Lummis’ New BITCOIN Act Allows US Reserve to Exceed 1M Bitcoin

  • Bitwise Launches ETF Tracking Companies with Large Bitcoin Holdings

The agency said that it “designated a longer period” to decide on the proposed rule changes that will allow the ETFs to proceed.

  • The SEC delayed its decision on several altcoin ETFs, including Grayscale’s XRP ETF and Cboe BZX’s Solana ETF, pushing the deadline to May.

  • Bloomberg ETF analyst James Seyffart stated that the delay is standard procedure and not a cause for concern.

  • Seyffart also pointed out that Paul Atkins, Trump’s pick for SEC chair, has yet to be confirmed, which may influence future regulatory decisions.

OKX’s Web3 wallet and decentralized finance (DeFi) platform may have been used to launder $100 million in stolen funds from the Bybit hack.

  • EU regulators are investigating OKX over its Web3 wallet and DeFi platform, which may have been used to launder $100 million in stolen funds from the Bybit hack.

  • The probe centers on whether OKX’s decentralized services should be regulated under the Markets in Crypto-Assets (MiCA) framework, similar to centralized exchanges.

  • Bybit CEO Ben Zhou alleged that 40,233 ETH (or $100 million) was laundered through OKX’s Web3 proxy.

Senator Cynthia Lummis’ newly reintroduced BITCOIN Act will allow the US government to potentially hold more than 1 million Bitcoin.

  • The BITCOIN Act of 2025 proposes that the US government buy 200,000 BTC annually over five years, totaling 1 million BTC.

  • US states can also contribute BTC to the strategic Bitcoin reserve, but these holdings will be stored in a segregated account.

  • The BITCOIN Act has a number of new co-sponsors, including Republican Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn and Bernie Moreno.

Bitwise announced the launch of the Bitcoin Standard Corporations ETF (OWNB), targeting firms with large BTC holdings.

  • Bitwise launched the Bitcoin Standard Corporations ETF (OWNB), which tracks companies holding at least 1,000 BTC in their corporate reserves.

  • The ETF's main holdings include MicroStrategy (MSTR), Bitcoin mining firms like MARA, CLSK, and RIOT, as well as Galaxy Digital (GLXY) and gaming firm Boyaa Interactive.

  • The index is weighted by Bitcoin holdings, with a 20% cap on the largest single holding to ensure diversification.

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