SEC Calls for Withdrawal of Solana, XRP, and Dogecoin ETF Filings – But It’s Not Bad News
The U.S. Securities and Exchange Commission (SEC) has instructed issuers of proposed spot exchange-traded fund (ETF) filings for Litecoin, XRP, Solana, Cardano, and Dogecoin to withdraw their pending Form 19b-4 applications.
The decision follows the agency’s Sept. 18 approval of generic listing standards, a landmark move that changes how crypto ETFs come to market in the U.S.
Instead of requiring case-by-case exchange rule changes for each token, exchanges like Nasdaq, Cboe BZX, and NYSE Arca can now list digital asset ETFs under broad, predefined rules.
What the Withdrawal Means for ETF Filings
According to the SEC, the withdrawals of the ETF filings are procedural rather than setbacks. Issuers no longer need to pursue dual approvals—a 19b-4 filing by the exchange and a separate S-1 registration by the asset manager.
Under the new system, issuers move directly to S-1 registration statements, the final step before an ETF can officially launch. This shift is expected to shorten approval timelines from up to nine months to as few as 75 days, providing a faster route to market for altcoin ETFs.
ETF Market Expands Beyond Bitcoin and Ethereum
The streamlined framework marks a major evolution in the crypto ETF landscape, long dominated by Bitcoin and Ethereum products.
On Sept. 18, the SEC approved Grayscale’s Digital Large Cap Fund (GDLC) as the first multi-crypto product to list under the new rules. GDLC offers exposure to Bitcoin, Ether, XRP, Solana, and Cardano, managing over $915 million in assets.
For issuers such as Grayscale, 21Shares, and VanEck, the new process eliminates redundant regulatory steps, encouraging broader experimentation with tokens like Dogecoin, Litecoin, and Avalanche.
ETF Filings: A Wave of New Applications
The SEC is now managing a flood of 92 pending crypto ETF filings, covering a wide range of tokens beyond the blue-chip cryptocurrencies.
Upcoming deadlines include:
- Franklin Templeton’s Solana and XRP ETFs – Nov. 14 decision
- BlackRock’s amendment to add staking to its iShares Ethereum Trust – Oct. 30
- Grayscale’s Hedera Trust – Nov. 12
Meanwhile, new proposals continue to enter the pipeline, such as Bitwise’s spot Avalanche ETF and Tuttle’s “Income Blast†funds covering Bonk, Litecoin, and Sui.
Bloomberg analysts forecast a 95% chance of Solana and XRP ETF approvals before year-end, while prediction markets on Polymarket show similar optimism, with odds of a Solana ETF approval standing at 99%.
Solana ETF approval odds (Source: Polymarket)
Regulators Signal Coordination Ahead
SEC Chair Paul Atkins described the reforms as striking a balance between investor protection and innovation. The agency is also working with the Commodity Futures Trading Commission (CFTC) through its “Project Crypto†initiative, aimed at modernizing securities rules for the digital era.
A joint SEC-CFTC roundtable is planned to further align regulatory approaches, underscoring the growing recognition of crypto as a core component of U.S. capital markets.
A Turning Point for Digital Asset ETFs
The withdrawal of 19b-4 filings highlights a shift from case-by-case hurdles to standardized procedures. For investors, this means faster access to diversified crypto ETFs. For issuers, it signals reduced friction and clearer paths to approval.
As the ETF market expands beyond Bitcoin and Ethereum, 2025 could be the year that Solana, XRP, and other altcoins gain mainstream exposure through regulated exchange-traded funds.
