SEC Opens Proceeding to Shape Next Generation of Crypto Funds

The US Securities and Exchange Commission (SEC) has opened a proceeding to decide what the next generation of crypto funds will look like. On June 30, 2026, the agency published a request for comment that includes 27 questions about the conditions under which exchange-traded funds holding unusual assets should be approved.

The SEC is particularly interested in staking rewards and altcoin funds, which have set the tempo for Bitcoin's price over the past two years. The agency is also looking at how these funds interact with other products, such as event contracts.

One of the key questions is whether a fund that holds predominantly non-securities should register as an investment company or adopt a trust structure instead. This could lead to a split in the product landscape between traditional ETFs and exchange-traded commodity trusts.