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XRP Army ‘Made a Difference’ in SEC Case Against Ripple, Says Lawyer

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In brief

  • Lawyer John Deaton believes that the group known as the XRP Army made a difference in the SEC’s case against Ripple.
  • In 2023, a judge issued a split ruling that XRP sales via public exchanges did not violate securities laws. The legal saga came to a close this August as all appeals were dropped.
  • Deaton said that thousands of affidavits were submitted to the court, and were cited as a reason the judge gave a ruling partially in favor of Ripple.

Lawyer and XRP legal advocate John Deaton claims that the XRP Army—a group of online supporters that continued to back the cryptocurrency during its lows—played a role in Ripple successfully concluding its legal battle with the U.S. Securities and Exchange Commission.

In an X post, Deaton cited the thousands of affidavits that self-proclaimed XRP Army members wrote and submitted to the court as a reason that Ripple secured a partial win against the regulator in its battle over the security status of XRP. An affidavit is a written statement that can be used as evidence in court.

The SEC and Ripple were embroiled in a legal dispute for nearly half a decade, after Ripple and two of its executives were sued in 2020 for the alleged offering of unregistered securities by selling XRP. 

No credible person can argue that the XRP Army didn’t make a difference in the Ripple case. If they do they’re either ignorant to the facts and truth or intentionally lying. We have conclusive evidence that we made a difference. There were over 2K exhibits filed in the case. In… https://t.co/WK2MfOb6wS

— John E Deaton (@JohnEDeaton1) September 3, 2025

In October 2023, federal district judge Analisa Torres issued a split ruling, stating that XRP sales to institutional investors violated securities laws, but sales on public exchanges did not. The ruling was hailed across the crypto industry as a victory for Ripple, despite it leaving the company liable for its institutional sales.

“No credible person can argue that the XRP Army didn’t make a difference in the Ripple case,” Deaton wrote on X. “If they do, they’re either ignorant to the facts and truth or intentionally lying.”

“[Judge Torres] ruled XRP itself is NOT a security while citing XRP holder affidavits,” Deaton wrote on X. “Had she not cited those things, people could legitimately debate whether our efforts made a real difference. But the proof is in the decision itself.”



The XRP Army is a militant supporters group that formed as a response to the SEC’s case against Ripple. The legal dispute unified XRP investors, with thousands of affidavits being written to the court by Army members, according to Deaton. 

“I submitted six affidavits that were used in the lawsuit because I was solely paid in XRP as an income, spent my XRP on goods and services, bills, etc,” XRP Army member James Rule told Decrypt. “Thousands came together, and the end result was a huge win for the industry.”

Deaton—who unsuccessfully challenged Elizabeth Warren for her Senate seat last year—also filed an amicus brief in support of Ripple’s legal position. An amicus brief is a legal document supplied to a court from a party that isn’t directly involved in the case.

Pseudonymous XRP Army member CryptoinsightUK further told Decrypt that some community members told the judge that they used XRP without even being aware of Ripple.

“You can’t buy something relying on an entity with the expectation of profit if you don’t even know the entity exists,” they said.

The legal battle between Ripple and the regulator continued to bubble until just last month as the SEC appealed the 2023 ruling, which was followed by a cross-appeal by Ripple. Both sides ultimately dropped their respective appeals just last month, as XRP Army members celebrated the result.

“We emerged from this battle bigger and stronger together,” pseudonymous XRP Army member MackAttackXRP told Decrypt, reacting to the news. “And we’ve known for years that we were on the right side of history.”

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SEC, CFTC Propose Making US Financial Markets 24/7 to Keep Up with Crypto

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In brief

  • SEC and CFTC leaders proposed a “24/7 Markets” policy to bring U.S. securities trading online around the clock, citing the nonstop nature of crypto and global markets.
  • They also floated plans to ease rules for prediction markets, perpetual derivatives, and DeFi trading in line with a unified “super-app” model for finance.
  • Critics warned the reforms could be risky, while regulators said discussions will continue at a September 29 roundtable.

The heads of America’s two top financial regulators floated several more aggressively pro-crypto proposals Friday, including one that would bring traditional finance markets online “24/7” in a bid to adapt the U.S. economy to the cadence of the digital asset market. 

SEC chair Paul Atkins and CFTC acting chair Caroline Pham announced the considerations in a joint statement focused on heralding “a new beginning” for both agencies, as markets for securities and non-securities, long held to vastly different regulatory standards, “increasingly converge.”

The chairs, in that vein, today proposed a “24/7 Markets” policy that would bring securities exchanges online constantly. In the 154 years since continuous trading debuted on Wall Street, such markets have always followed a strict schedule, which since 1985 has kept markets open only during certain business hours on weekdays. 

Today, however, Atkins and Pham said that policy may need to change, to keep up with continuously active markets like crypto, gold, and foreign exchanges. 

“Further expanding trading hours could better align U.S. markets with the evolving reality of a global, always-on economy,” they said.

The chairs added the caveat that expanded trading hours “may be more viable in some asset classes than others,” and that the agencies may not ultimately adopt a one-size-fits-all approach. 

The announcement follows a similar joint statement made Tuesday by both agency heads, proposing that spot crypto assets be allowed to trade directly on U.S. securities and commodities exchanges.



Today’s announcement just highlights the gaps in the agency heads’ prior statement, Amanda Fischer, policy director at consumer advocacy nonprofit Better Markets, told Decrypt. 

Today the chairs also proposed easing the ability for “innovators” to list event contracts on prediction markets, and allowing perpetual derivatives contracts, which are common in offshore crypto markets but currently heavily restricted in the United States, to trade freely across securities and commodities exchanges. Another proposal would create “innovation exemptions” for DeFi protocols offering spot crypto and perpetual derivatives contracts trading.

The chairs said the proposals are all in line with a report released in July by the Trump administration directing the agencies to loosen numerous restrictions on crypto trading in the United States.

Fischer, who previously served as chief of staff to former SEC chair Gary Gensler, said the proposals outlined today will likely take years to implement, given their complexity. But she maintained that these reforms, if enacted, would be “extremely dangerous” and “will give crypto native firms an edge over TradFi in all markets.”

“The idea of a super app where customers trade securities, spot crypto, leveraged futures, [and] event contracts is not going to end well,” she added.

The SEC and CFTC said they plan to jointly discuss the proposals outlined today at a roundtable on September 29.

Today’s announcement marks only the latest push by financial regulators, under the second Trump administration, to allow U.S. companies to deal in vastly different types of assets, long licensed and regulated separately, under one roof. SEC chair Atkins has come to refer to such companies as “super-apps”, and has frequently used crypto to justify the need for their existence. 

What is a Super-App? SEC Chairman Paul Atkins explains the idea and how it would benefit investors. Check it out! pic.twitter.com/iqgVgp2pNv

— U.S. Securities and Exchange Commission (@SECGov) August 25, 2025

During a speech at the Trump-aligned America First Policy Institute in July, Atkins hailed super-apps as a “key priority” of his chairmanship. 

“A broker-dealer with an alternative trading system should be able to offer trading in non-security crypto assets alongside crypto asset securities, traditional securities, and other services, like crypto asset staking and lending, without requiring fifty-plus state licenses or multiple federal licenses,” Atkins said at the time.  

Crypto leaders universally hailed the announcement as a massive boon for the industry and its positioning relative to traditional finance in years to come.

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SEC announces cross-border task force to combat fraud
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SEC announces cross-border task force to combat fraud

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The Securities and Exchange Commission has formed a new cross-border task force to combat transnational fraud, including pump-and-dump schemes.

Summary

  • SEC says the task force will help combat transnational fraud, including market manipulation.
  • As well as companies, the task force will go after intermediaries and gatekeepers.

The United States Securities and Exchange Commission will take the fight against fraud to foreign-based companies with a new cross-border task force, the agency said in a press release.

The SEC’s Cross-Border Task Force, the securities watchdog said on Friday, will initially focus on investigating potential violations of U.S. federal securities laws by offshore companies. Areas of attention will include market manipulation, with the SEC noting aspects such as “pump-and-dump” schemes.

Regulators, including the U.S. Commodity Futures Trading Commission, have repeatedly advised investors and market participants, including those in the crypto space, to be cautious about potential pump-and-dump schemes.

Pump-and-dump schemes in crypto

Across the ecosystem, pump-and-dump scams involve thinly-traded altcoins and meme tokens, often by insiders or malicious actors that artificially inflate prices, heavily promote the projects or tokens before dumping on unsuspecting buyers.

Retail users are the biggest victims of the deceptive actions that precede collapses.

While investors must conduct due diligence and remain wary of hype, the SEC says its task force, aimed at strengthening and enhancing the Division of Enforcement’s efforts, will go after entities and individuals whose fraudulent activities harm U.S. investors.

In addition to pump-and-dump schemes, the task force will focus on gatekeepers, including auditors and underwriters, whose efforts make it possible for bad actors to access U.S. capital markets.

“We welcome companies from around the world seeking access to the U.S. capital markets,” SEC chair Paul Atkins said. “But we will not tolerate bad actors – whether companies, intermediaries, gatekeepers or exploitative traders – that attempt to use international borders to frustrate and avoid U.S. investor protections. This new task force will consolidate SEC investigative efforts and allow the SEC to use every available tool to combat transnational fraud.”   

Staff across the agency will collaborate to support the initiative, Atkins added, with the Commission welcoming recommendations of other actions that can enhance protection for U.S. investors. The SEC chair said the regulator will weigh actions such as new disclosure guidance and necessary rule changes.



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SEC Watchdog Blames Tech Failures for Loss of Gary Gensler’s Texts in 2023

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In brief

  • Gensler’s text messages between October 18, 2022 to September 6, 2023 are now lost.
  • A 45-day wipe policy and a rushed reset led to a permanent deletion, the agency’s watchdog said Wednesday.
  • The loss may affect FOIA responses, with the National Archives being notified of the loss in June.

The U.S. Securities and Exchange Commission lost nearly a year of text messages from former Chair Gary Gensler, according to a review by the agency’s Office of the Inspector General released on Wednesday.

The SEC’s OIG is responsible for conducting audits, evaluations, and investigations into the SEC’s programs and operations.

On July 6, 2023, Gary Gensler’s SEC-issued smartphone stopped syncing with the agency’s device management system, even though it “otherwise functioned normally and was used regularly,” the report said.

For the next 62 days, it appeared “inactive,” a status that went unnoticed by IT staff.



A month later, on August 10, the Office of Information Technology introduced a policy to automatically wipe any device that had not connected for 45 days, assuming it was lost or stolen. 

Under that rule, Gensler’s phone was wiped.

When he arrived at SEC headquarters on September 6, 2023, and discovered agency apps missing, Gensler approached staff for help.

Investigators said personnel, unaware of what had occurred, tried to restore the phone and instead performed a factory reset that permanently deleted nearly a year of text messages, covering October 18, 2022, through September 6, 2023.

Missed warnings, poor vendor coordination, and weak change-management practices were also cited as factors that compounded the failure.

The Office of the Inspector General serves as the agency’s independent watchdog under the Inspector General Act of 1978, reporting both to the SEC Chair and to Congress.

Lost legacy

Nearly a year of Gensler’s lost text messages coincided with the SEC’s war on crypto.

In January 2023, the agency charged Genesis and Gemini over unregistered offerings, while lender Nexo agreed to a $45 million settlement.

The following month, it fined Kraken $30 million for its staking service and warned Paxos that its Binance-branded stablecoin could be an unregistered security.

By April, Gensler told Congress that most crypto tokens meet the Howey Test, reinforcing his stance that they fall under securities law. Internal records later revealed the SEC had already labeled Ethereum a security in March 2023.

After his tenure at the SEC, Gensler returned to MIT, where he now teaches and does research on artificial intelligence, financial technology, and public policy.

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Xrp Army Played Key Role In Ripple’s Sec Legal Victory, Says Deaton
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XRP Army Played Key Role in Ripple’s SEC Legal Victory, Says Deaton

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Ripple’s long-running battle with the U.S. Securities and Exchange Commission (SEC) ended last month, and crypto lawyer John Deaton says the “XRP Army” deserves credit for tipping the scales in Ripple’s favor.

In 2020, the SEC filed charges against Ripple, claiming that it was selling XRP as an unregistered security. In July 2023, Judge Analisa Torres decided that XRP sales on exchanges were not a security, but certain institutional sales were in fact a securities violation.

After years of appeals and legal wrangling, both sides finally dropped their challenges in August 2025, officially closing the case.

XRP Holders Stepped Up for Ripple

Deaton, who represented XRP tokenholders, said thousands of investors helped shape the outcome. “No credible person can argue that the XRP Army didn’t make a difference in the Ripple case,” he wrote on X.

He explained that over 2,000 exhibits, including affidavits from XRP holders, were filed in court, and Judge Torres even cited them in her ruling.

Ripple executives agree. Deborah McCrimmon, Ripple’s deputy general counsel, praised the XRP community for providing crucial research. “I could have paid lawyers thousands of dollars, literally thousands of dollars,” to do what the XRP Army did for free, she said on The Penta Podcast.

Their work supported Ripple’s fair notice defense, which argued the SEC never gave clear guidance on crypto regulation.

From Courtroom to Market Impact 

The case not only made legal history but also shook the markets. After the July 2023 ruling, XRP surged 72%, climbing from $0.47 to $0.81. Ahead of the final settlement in August 2025, it rallied again, hitting a record high of $3.64 before cooling. Currently, XRP trades around $2.85, up about 0.43% in the last 24 hours, according to CoinMarketCap.

For Deaton, the lesson is simple, “One person can inspire many people, and together, they can make a difference.”

Also Read: XRP ETF Approval Odds Surge to 87% as Price Consolidates at $2.80





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US Bancorp Relaunches Bitcoin Custody After SEC Rule Reversal Under Trump
Crypto Trends

US Bancorp Relaunches Bitcoin Custody After SEC Rule Reversal Under Trump

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US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers.

US Bancorp’s reentry follows a regulatory shift under President Donald Trump’s current administration, which rolled back a previous SEC rule that had forced banks to hold capital on their balance sheet for crypto-related activities, according to a Wednesday report by Bloomberg.

“We had the playbook and it’s sort of opening it up and executing it again,” said Stephen Philipson, head of US Bank’s institutional division. He noted that the bank plans to scale the service as demand grows and is also exploring how digital assets might fit into other areas like wealth management and consumer payments.

The Minneapolis-based bank, the fifth-largest commercial bank in the US, first launched its custody service in 2021 in partnership with fintech firm NYDIG, before it was paused due to the SEC guidance. With the rule rescinded, US Bancorp is proceeding with a renewed push.

US Bancorp’s shares are up 1.44% YTD. Source: Google Finance

Related: US Federal Agencies Outline Key Risks for Banks Eyeing Crypto Custody

US Bancorp to offer Bitcoin custody for funds

US Bancorp will initially provide custody services for Bitcoin (BTC), starting with registered investment funds and Bitcoin ETF providers. The bank said it may expand to include other cryptocurrencies that meet its internal risk and compliance standards.

The crypto custody service space has been led by crypto-native firms such as Coinbase, BitGo and Anchorage Digital. However, changes in federal guidance, particularly from the Office of the Comptroller of the Currency, are now giving banks more room to operate.

In 2022, BNY Mellon launched a digital custody platform to safeguard select institutional clients’ Bitcoin and Ether (ETH) holdings, making America’s oldest bank the first large bank in the country to offer the custody of digital assets.

Related: Binance taps Spain’s BBVA to offer safer crypto custody post-FTX: FT

More banks push into crypto custody

Meanwhile, a growing number of traditional financial institutions have been moving into crypto custody.

In July, Germany’s biggest bank, Deutsche Bank, announced plans to allow its clients to store cryptocurrencies including Bitcoin next year. The bank plans to launch a digital assets custody service in 2026 in collaboration with the technology unit of Austria-based Bitpanda crypto exchange.

In August, it was reported that Citigroup was weighing plans to offer cryptocurrency custody and payment services, aiming to capitalize on a market bolstered by Trump-era regulatory approvals and pro-industry legislation.

Magazine: Bitcoin’s long-term security budget problem: Impending crisis or FUD?



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SEC, CFTC-Registered Exchanges Receive Blessing to Facilitate Spot Crypto Trading

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In brief

  • The joint statement covers crypto products focused on leverage, margin and financed spot retail commodity transactions.
  • One market observer expects spot crypto assets to receive listings on major equity indexes.
  • Regulators are inviting market participants to engage with SEC or CFTC staff.

Exchanges registered with the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission should be allowed to facilitate trading of some spot crypto products, the two agencies announced in a joint statement on Tuesday.

The SEC and CFTC, the primary regulators of asset markets, did not mention specific digital assets, but said their joint staff statement covers crypto products centered on “leverage, margin, and financed spot retail commodity transactions.”

Earlier this year, a report, dubbed “Strengthening American Leadership in Digital Financial Technology” and issued by the President’s Working Group on Digital Asset Markets, asked the agencies to provide “regulatory clarity” on those assets, including other issues.



Under the law, registered exchanges are not prohibited from facilitating trading of those spot crypto asset products, they said Tuesday.

“As contemplated by the PWG Report, the Divisions’ coordination will promote trading venue choice and optionality for market participants within the U.S.,” the joint statement reads. “In line with these goals, the divisions stand ready to support consideration by their respective agencies of exchange trading in certain spot crypto asset products.

The statement is among the latest evidence of the rapidly improving regulatory environment for digital assets under the Trump administration.

In the eight months since Donald Trump has been in office, the SEC and CFTC have dropped multiple lawsuits against prominent crypto organizations and repeatedly signaled their willingness to work with an industry that supported Trump’s 2024 campaign.

“Proud to work together with @SECPaulSAtkins to deliver another win on regulatory clarity to trade crypto how you want and where you want to, safely on registered exchanges,”Acting CFTC Chairman Caroline Pham wrote in a post on the social media platform X.

CFTC-registered designated contract markets, foreign board of trade, and commodity transactions listed on an SEC-registered national securities exchange “will not be “prohibited from facilitating the trading of certain spot crypto asset products,” the statement reads.

The regulators invited “market participants to engage with SEC or CFTC staff, as needed.”

Among other points, the agencies said that applicable rules will permit clearinghouses to partner with a custodian to maintain customer accounts.

They recommended “sharing of reference pricing venues by NSEs, DCMs, and FBOTs to improve market surveillance.

In an X post, VanEck Head of Digital Assets Research Matthew Sigel wrote that the statement suggested that major equity exchanges, including NYSE and the Nasdaq, would “soon have spot trading for BTC, ETH, and more.”

But Amanda Fischer, former SEC chief of staff to Gary Gensler, was wary of that possibility and raised concerns about the statement’s vagueness and the absence  of regulation.

“There’s a lot of fanfare, but this statement doesn’t actually answer any questions,” Fischer wrote in an X thread. “The issue is that the exchange, as a self-regulatory organization, and the SEC will have very little to no legal authority to set rules, examine, or enforce trading or customer rules around spot commodities trading on securities exchanges.”

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Crypto Trends

U.S. SEC, CFTC Combine Forces to Clear Registered Firms’ Trading of Spot Crypto

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Certain crypto assets can change hands with a stamp of approval from both of the U.S. markets regulators, according to a joint statement from the Securities and Exchange Commission and the Commodity Futures Trading Commission, which said that today’s registered trading platforms can do that business with the agencies’ blessing.

In a stark shift from the hesitant, risk-averse stance of the previous administration, the regulators appointed by President Donald Trump — an avowed advocate of the industry and a growing crypto magnate though his family’s business operations — have quickly cleared a wide path for digital assets to get into the existing financial regulator system.

The SEC, until last year run by crypto skeptic Gary Gensler, and the CFTC “are coordinating efforts to facilitate the trading of certain spot crypto asset products on registered exchanges,” according to the Tuesday statement. Under the SEC’s “Project Crypto” and the CFTC’s ongoing “crypto sprint,” their leaders are pushing to meet Trump’s orders to set up the U.S. as the world’s leading crypto hub.

The agencies argue their view that CFTC-registered designated contract markets (DCMs), foreign board of trade (FBOTs) and SEC-registered national securities exchanges (NSEs) “are not prohibited from facilitating the trading of certain spot crypto asset products.” The SEC and CFTC are inviting such entities to contact staff to figure out how to move forward.

“Market participants should have the freedom to choose where they trade spot crypto assets,” said SEC Chairman Paul Atkins, in a statement.

His counterpart at the CFTC, Acting Chairman Caroline Pham, called the joint statement “the latest demonstration of our mutual objective of supporting growth and development in these markets, but it will not be the last.”

The Tuesday statement didn’t detail specific cryptocurrencies beyond citing “certain spot crypto asset products.”

The markets watchdogs said they “are prepared to engage with trading venues about applying fair and orderly market principles as they seek to operate markets for participants to trade spot crypto asset products.”

As the agencies seek to use existing regulations and authorities to open the financial system to crypto, Congress has been working on a sweeping set of crypto market rules that the industry is counting on to fully establish it in the U.S. It’s unclear, though, how long the lawmakers might take getting that legislation to Trump’s desk.

One of the main holes in previous U.S. oversight of crypto has been the CFTC’s lack of authority to fully regulate firms trading on the crypto commodity spot market — where actual assets are directly changing hands.

Read More: Trump’s SEC Chair Says Agency Is ‘Mobilizing’ to Update Custody, Other Guidance



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SEC Receives Filing For XRP Option ETF From $12-B Amplify

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Based on an SEC filing, Amplify — an asset manager overseeing $12.6 billion — has submitted paperwork for an XRP Option Income ETF that it plans to list on the Cboe BZX Exchange and start trading in November.

Rather than buying XRP outright, the fund seeks market exposure by holding ETFs that track XRP and by writing options to generate yield.

Amplify Seeks An Options-Based XRP Play

The filing outlines the fund’s composition. A minimum of 80% of the portfolio will be invested in instruments tied to XRP’s price, including shares of XRP ETFs and options written on those ETF shares.

The other 20% will be allocated to US Treasuries, cash, or similar short-term instruments. The fund intends to use option contracts to build synthetic exposure — for instance, pairing bought calls with sold puts at identical strikes and expirations, or buying in-the-money calls.

That arrangement is designed to produce steady option premium income from selling options on ETFs referencing XRP.

Futures Action Suggests Demand

Analysts look to futures markets for indications of investor demand. CME XRP futures and futures-linked ETFs have had momentum in the past, indicating there is demand.

Nate Geraci, president and chairman of The ETF Store, has been projecting approvals could unleash high levels of interest in XRP products, likening the inflows to what occurred with Bitcoin futures-linked ETFs.

Look at all of the crypto ETF filings out there…@JSeyff doing God’s work tracking these.

What I mean by “crypto ETF floodgates about to open soon”. pic.twitter.com/9tpcrtnQjm

— Nate Geraci (@NateGeraci) August 28, 2025

Big capital flows followed the introduction of Bitcoin futures ETFs, and a few market observers anticipate similar flows for other tokens if access to spot ETFs widens.

Indirect Exposure, Different Risks

Because the fund won’t hold the token directly, investors would gain indirect exposure to price swings in XRP through ETF shares and derivative strategies rather than direct token custody.

XRPUSD now trading at $2.8. Chart: TradingView

That contrasts with the spot ETF bids currently pending with the SEC. Amplify’s structure may attract investors chasing option premium while avoiding the operational and custody issues tied to holding XRP directly.

NEW: Here is a list of all the filings and/or applications I’m tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW

— James Seyffart (@JSeyff) August 28, 2025

Regulatory Backdrop And A Crowded Queue

Reports show Amplify’s filing raises the tally of XRP ETF applications in the US to 16. Among those are seven spot ETF bids from Grayscale, 21Shares, Canary, Bitwise, Wisdomtree, CoinShares, and Franklin Templeton.

There are at least 96 crypto-related ETF filings with the SEC overall, according to Bloomberg analyst James Seyffart.

Market participants are watching an October deadline closely, with some expecting the agency to rule on multiple proposals around that time.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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There Are Now More Than 90 Crypto ETFs Pending SEC Approval, Led by XRP and Solana

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In brief

  • The SEC is mulling 90 applications for crypto ETFs, many focused on XRP, Solana, and other top altcoins.
  • Many of the funds are expected to be approved this year, according to industry experts.
  • Some will likely be shuttered due to lackluster inflows, a crypto startup CEO told Decrypt.

There is a growing stack of applications for exchange-traded funds that offer investors exposure to cryptocurrencies on the U.S. Securities and Exchange Commission’s desk, totaling 92 filings, according to Bloomberg ETF Analyst James Seyffart.

“You will almost certainly have to squint and zoom to see,” he said on X, while posting a screenshot of a spreadsheet that included various issuers, assets, and deadlines on Friday.

This year, asset managers have jockeyed to offer ETFs in the U.S. for cryptocurrencies beyond the ones approved for Bitcoin and Ethereum last year. They range from major altcoins like XRP and Solana—the most popular new targets, based on the list—to relatively obscure meme coins like Bonk and Donald Trump’s official token.

NEW: Here is a list of all the filings and/or applications I’m tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW

— James Seyffart (@JSeyff) August 28, 2025

Although the SEC has delayed decisions on applications for several products this year, the regulator faces a final deadline on at least a dozen applications in October. Experts including Seyffart expect the SEC to approve a number of applications at that time.

In June, Seyffart said it’s a question of “when not if” for coins like Solana, XRP, and Litecoin. He portrayed them as near-locks, with 95% odds of approval this year.

ETFs for other coins, such as Dogecoin, Cardano, Polkadot, Hedera, and Avalanche, also have a strong change, Seyffart added, penciling in 90% approval odds for the same period.



Some crypto investors may be hopeful that the approval of an ETF for their coin of choice will lead to higher prices and broader adoption, potentially among financial institutions. Luca Prosperi, co-founder and CEO of stablecoin platform M0, is somewhat skeptical. He told Decrypt it’s likely that many crypto ETFs will shutter due to lackluster inflows.

“I don’t think many of them will be long-lived,” he said. “I think there are very few, if any, [digital] assets that are large and mature enough to support an ETF beyond Bitcoin, Ethereum, and Solana.”

Still, a bevy of ETF applications speaks to the ways that cryptocurrencies are becoming ingrained into traditional financial infrastructure over time, he added.

“Now that this sector is maturing, Wall Street is obviously trying to find ways to get common people exposure,” he said. “ETFs are great conduits.”

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