Nate Geraci Drops Bombshell: The ONE Crypto ETF the SEC Might Actually Approve Next

Wall Street's favorite guessing game just got a major clue—and crypto bulls are leaning in hard.

SEC's Next Move: The Missing Piece

After a year of spot Bitcoin and Ethereum ETF approvals, regulators have one glaring gap in their crypto lineup. Industry watchers now speculate it's only a matter of time before the dam breaks.

Geraci's Insider Nudge

ETF Store president Nate Geraci teased the obvious hole in the SEC's current roster—without naming names. But the math is simple: with futures-based products already trading, the last domino is a spot commodity ETF tied to a major altcoin.

The Cynical Twist

Of course, the SEC will approve it—just six months after hedge funds finish accumulating their positions. Some things never change in regulated finance.

The crypto ETF space is evolving fast. The SEC just approved in-kind transactions for crypto ETFs and is now reviewing staking proposals for ethereum ETFs. At the same time, calls for XRP ETF approvals are growing louder. But what could come next?

Let us dive deeper. 

Staking in ETH ETFs Could Be Next

Nate Geraci, president of ETF Store, pointed out that the SEC just acknowledged Nasdaq’s filing (a 19b-4) to allow staking in the iShares Ethereum ETF, which is a big shift for crypto ETFs. The request comes after Nasdaq filed the proposal earlier this month, following similar moves from 21Shares and Grayscale. 

In a recent X post, he pointed out that just one item is left from his checklist from November, and that is staking in spot ETH ETFs. According to the expert, this is next on the SEC’s hit list. 

One item left on my checklist from November…

Staking in spot eth ETFs.

Today, SEC acknowledged Nasdaq 19b-4 for staking in iShares Ethereum ETF.

My guess? This is next on SEC's hit list.

Sooner rather than later.

Before any addn'l spot crypto ETFs. https://t.co/40brAYlrI0

He says that this could come before any additional spot crypto ETFs. This is another sign that ETH is moving ahead while XRP is still waiting on regulatory clarity.

SEC Greenlights In-Kind Transactions for Crypto ETFs

In a latest move, the SEC has approved in-kind creation and redemption for all spot Bitcoin and Ethereum ETFs, marking a major shift in its approach to crypto. This means large institutions can now use BTC or ETH directly, rather than cash, to create or redeem ETF shares. 

The MOVE makes the process faster, more secure, and more efficient, allowing ETFs to better track investor demand without the hassle of constant crypto-to-cash conversions.

Legal expert Bill Morgan called the move “massive”. With several XRP ETF applications still pending, Morgan noted this as more good news for the crypto market. 

XRP ETFs Next in line?

Bloomberg ETF experts Eric Balchunas and James Seyffart also note that the SEC may be moving faster. Seyffart said altcoin ETFs like XRP could be next, and they might even launch with in-kind transactions already included.

While the new in-kind rule is mostly a behind-the-scenes upgrade for big institutions, Balchunas notes that the real takeaway here is, the SEC is finally starting to treat crypto like a legit asset class, like Gold or stocks.

XRP ETF Odds Build Ahead of SEC Deadline

The final SEC deadline for U.S. crypto ETF filings is October 17, 2025. With the latest regulatory shifts, analysts say the odds of an XRP ETF approval by early fall are rising. The odds of a Ripple ETF being approved this year have climbed to 87% on Polymarket, while Bloomberg analysts have kept their odds at 95%.