Revolution in the US Crypto ETF Market: A New Era Unfolds
The world of cryptocurrency exchange-traded funds (ETFs) in the United States is on the cusp of a transformative phase. Recent developments from the Securities and Exchange Commission (SEC) have paved the way for new opportunities, including the introduction of spot XRP and Solana ETFs. This shift follows last week’s endorsement of “generic listing standards,” which simplifies the process for exchanges to list these financial products without requiring individualized 19b-4 approvals. As a result, companies eager to launch spot XRP and Solana funds are preparing final amendments, with industry insiders noting that these filings are significantly advanced.
The Impending Debut of Spot XRP and Solana ETFs
On September 24, Nate Geraci, president of ETF Store, highlighted a pivotal moment in a series of social media posts. He indicated that “the final wave of amendments could be submitted by the end of this week for various spot crypto ETFs, including XRP and Solana.” Geraci also emphasized that these filings are nearing the end of the review process, signaling that the countdown to their launch has begun, as noted in a Reuters report on the SEC’s newly established framework.
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Hashdex Nasdaq Crypto Index US ETF: A New Frontier
In another update, Geraci pointed out the approval of the Hashdex Nasdaq Crypto Index US ETF under the SEC’s new guidelines. This ETF is now set to include crypto assets beyond Bitcoin and Ethereum, such as XRP, Solana, and Stellar. This development marks a significant expansion of the ETF’s scope, allowing it to encompass a broader range of digital currencies.
According to Reuters, which initially reported on the SEC’s expedited pathway on September 18 and provided further updates on September 24, issuers have been actively revising their product filings and addressing specific SEC inquiries since the rules were first proposed in July. Several sources informed Reuters that a final wave of amendments could be filed by the end of the week, with the review process already well underway. Teddy Fusaro, president of Bitwise, commented, “These are the rules we had been anticipating.”
SEC’s Regulatory Shift: A New Framework for Crypto ETFs
This regulatory change represents a foundational shift for the industry. By endorsing generic listing standards for exchanges like NYSE Arca, Nasdaq, and Cboe BZX, the SEC has transitioned spot-crypto ETF approvals from a cumbersome proposal-by-proposal process to a more streamlined, rules-based approach. This means exchanges can now list Commodity-Based Trust Shares that meet the criteria without needing to propose rule changes to the Commission. As a result, timelines in straightforward cases can be reduced to approximately 75 days, eliminating redundant reviews that previously hindered non-Bitcoin/Ethereum products.
Upcoming Deadlines and Opportunities for XRP and Solana
For XRP, a busy schedule is on the horizon. The SEC has set final deadlines for several companies in October: Grayscale on October 18, 21Shares on October 19, Bitwise on October 20, and CoinShares and Canary Capital on October 23–24, with WisdomTree following on October 24–25. Solana is also in the mix, with Galaxy Digital Research identifying it as a frontrunner for first-wave approvals under the new regime. This reflects the maturity of the filings and the readiness of exchanges to list them. Companies like Bitwise and 21Shares have spent the summer refining their language related to staking, custody, and in-kind transfers to align with exchange rulebooks and the SEC’s evolving expectations.
At the time of publication, XRP was trading at $2.84.
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