Asset managers REX and Osprey are set to introduce five crypto ETFs in the United States this week, following the end of the SEC’s 75-day review period.
Unless the regulator raises objections, the products are free to move ahead. The upcoming lineup features funds tied to Bonk, Trump, Bitcoin, XRP, and Dogecoin, all launched under the REX-Osprey brand.
In a post on X, Bloomberg ETF analyst Eric Balchunas noted that the Dogecoin fund could start trading as early as Thursday. He added that the remaining funds are likely to follow before the week concludes.
“These are post-effective filings,” Balchunas said in a media statement, “meaning they’ve essentially received a green light to launch.”
Different Rulebook: 1940 Act vs. 1933 Act
The funds are being registered under the Investment Company Act of 1940. The act provides a framework that streamlines approvals for products that hold securities such as futures contracts. This contrasts with the Securities Act of 1933, the pathway used for last year’s physically backed Bitcoin ETFs.
According to Balchunas, the ’40 Act process is more straightforward: “If the SEC doesn’t raise concerns, the funds can automatically go live 75 days after filing.”
SEC Delays Other High-Profile Applications
While REX and Osprey move forward, the SEC continues to delay decisions on several high-profile filings. Applications from BlackRock, Fidelity, and Franklin Templeton remain under review. The regulator has indicated that additional scrutiny is required, particularly concerning Ethereum staking features.
In addition, the SEC has pushed back its decisions on Bitwise’s Dogecoin ETF and Grayscale’s Hedera ETF, with the next review date now in November.
Evolving SEC Stance on Staking and Securities Laws
The regulatory delays come amid broader shifts in how the SEC defines digital assets. In recent months, the agency clarified that certain liquid staking services do not fall under securities laws. As a result, these offerings remain outside its jurisdiction. Additionally, it concluded that proof-of-stake blockchains should not automatically be classified as securities.
These clarifications have provided some relief to the crypto industry. Industry experts argue that the SEC’s cautious approach reflects its effort to strike a balance between investor protection and innovation in a rapidly evolving market.
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