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SEC Requests Withdrawal of XRP, Solana, and Cardano ETF Filings
In a significant development within the cryptocurrency sector, journalist Eleanor Terrett has uncovered that the U.S. Securities and Exchange Commission (SEC) has urged the issuers of exchange-traded funds (ETFs) for XRP, Solana, and Cardano to retract their 19b-4 filings. This request comes after the commission sanctioned the generic listing standards, which aim to simplify the approval process for these financial products.
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Understanding the SEC’s Request
According to Terrett’s post on social media platform X, the SEC has also directed issuers of Litecoin and Dogecoin ETFs to withdraw their 19b-4 filings. This move is a direct consequence of the newly approved generic listing standards, which render these filings obsolete. The withdrawals might commence as early as this week, ushering in a new era of efficiency in the ETF approval process.
Terrett emphasized that this withdrawal should not be perceived negatively. She explained that the generic listing standards eradicate the necessity for exchanges to submit 19b-4 forms to list and trade shares of crypto ETFs. Previously, the SEC had a 240-day window to greenlight these proposed rule changes. However, with the new standards, approvals can be expedited to within 75 days.
Implications for XRP, Solana, and Cardano ETFs
Terrett further clarified that the SEC’s solicitation for the withdrawal of 19b-4 filings from XRP, Solana, and Cardano ETF issuers underscores the efficiency of the new process. If the tokens meet existing criteria, the SEC can approve a crypto ETF with just the S-1 filing. The commission is now poised to make decisions on these funds at any moment.
The deadlines for these ETFs are fast approaching. The SEC was expected to make a decision on Solana ETFs by October 10, while the final deadline for XRP and Dogecoin ETFs is set for October 18. Bloomberg analyst James Seyffart pointed out that the timing of the S-1 approvals remains uncertain, as it depends on when the Division of Corporation Finance grants its consent.
Potential Delays Due to Government Shutdown
Market analyst Nate Geraci noted that the ongoing government shutdown could delay the introduction of new spot crypto ETFs, including those for XRP, Solana, and Dogecoin. He remarked that the eagerly anticipated ‘ETF Cryptober’ might face temporary postponement. The U.S. government ceased operations on October 1 after the Senate failed to pass a temporary funding bill.
Impact of the Shutdown on SEC Approvals
Geraci referred to an SEC document indicating that the commission is unlikely to approve XRP, Solana, and Dogecoin ETFs during the government shutdown. The SEC stated that it would not review or approve changes to self-regulatory organization rules, nor would it accelerate the effectiveness of registration statements, which directly affects crypto ETFs.
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