The US Securities and Exchange Commission (SEC) unexpectedly instructed issuers to withdraw submitted documents for launching ETFs for Litecoin, XRP, Solana, Cardano, and Dogecoin. At first glance, this may have seemed like a rejection, but the regulator clarified: this is not about blocking, but about a change in the procedure itself.
In September, the SEC approved new standards for listing cryptocurrency funds. Now, platforms do not need to approve each product individually—it’s enough that it meets general criteria. For issuers, this means an accelerated transition to final registration and the ability to enter the market much faster.
Simplified path to fund launches
Previously, each fund went through a double approval process: first, separate approval from the exchange, then registration of the management company. This procedure stretched the launch timeline to nine months or more. Now the process has been simplified—only one step remains.
The SEC emphasizes that the new model lowers barriers but does not weaken oversight. Investor supervision and transparency requirements remain in place.
First examples of rule application
On the same day the new standards came into force, the regulator approved the launch of a major multi-fund, whose portfolio includes leading cryptocurrencies. Assets under management exceed $900 million. For the market, this was a signal: now approval is possible for funds focused not only on Bitcoin and Ether, but also on altcoins.
Analysts call this step a turning point—until recently, such a scenario was considered unlikely.
Surge in applications and new deadlines
The simplification of the rules has sharply activated the market. Within a few days, several new applications were submitted, including proposals for funds on second-tier blockchains and even products tied to meme tokens.
The SEC is currently reviewing more than 90 projects, and autumn promises to be eventful. Key decisions are expected in the coming months: on products with staking features, on new trusts based on layer-two networks, and on separate proposals focused on Solana and XRP.
Expectations for Solana and XRP
According to industry experts, the probability of launching ETFs based on Solana and XRP before the end of the year exceeds 95%. Prediction markets show even greater optimism—over 99%.
This level of expectation is due not only to changes in procedures but also to high institutional interest. The market sees the approval of these products as a key step toward expanding the range of digital assets available through traditional infrastructure.
Why this matters for the market
The SEC’s decision moves cryptocurrency ETFs from the category of exceptions to a standard class of instruments. What previously required months of approvals can now be launched in 60–75 days.
This speeds up the launch of new funds, reduces regulatory risks, and increases competition among management companies. For investors, it opens access to a wider range of altcoins, increasing diversification and attracting new capital to the industry.
Coordination with other regulators
The SEC is also working with the Commodity Futures Trading Commission (CFTC). As part of joint initiatives, unified rules for digital assets are being discussed to create a more coherent and predictable regulatory system.
What’s next?
The withdrawal of applications is just a formality. The main change is that cryptocurrency funds are now moving to the market under unified rules.
If products based on Solana and XRP are approved in the coming months, this will set a precedent and open the door to dozens of similar solutions. For the industry, this is a signal: cryptocurrency ETFs are no longer a rarity and are becoming a full-fledged part of the global financial system.
Read more: Traders are buying up Solana ahead of the SEC’s ETF decision. Will the price return to $250?
