The US crypto ETF market is experiencing a significant shift. Last week, the Securities and Exchange Commission (SEC) approved "generic listing standards," paving an accelerated path for spot XRP and Solana Exchange-Traded Funds (ETFs), alongside other digital asset products beyond Bitcoin and Ethereum. This pivotal decision allows exchanges to list qualifying commodity-based ETPs without needing a separate 19b-4 approval for each, thereby streamlining the entire process. Consequently, issuers proposing spot XRP and Solana funds are now actively preparing to submit their final amendments, with many industry observers suggesting these filings are already substantially complete.
Impact of Generic Standards
This regulatory shift is monumental. By endorsing generic listing standards across major exchanges like NYSE Arca, Nasdaq, and Cboe BZX, the SEC has effectively transitioned spot-crypto ETF approvals from a laborious, proposal-by-proposal adjudication to a more predictable, rules-based framework. The SEC itself clarified that exchanges can now list Commodity-Based Trust Shares that adhere to specific criteria "without first submitting a proposed rule change." This change significantly shortens approval timelines, potentially reducing them to around 75 days for straightforward applications, and eliminates the repetitive review processes that previously hindered the approval of non-Bitcoin/Ethereum products. This move signals a maturing regulatory approach, aiming to foster innovation while ensuring market integrity.
Expert Insights & Anticipation
The industry is abuzz with anticipation. Nate Geraci, president of ETF Store, highlighted this turning point in a series of posts on X (formerly Twitter) on September 24. He stated, "Final wave of amendments could be filed by end of this week on various spot crypto ETFs incl xrp & sol," adding that "those filings are pretty far along in the review process" and that the "countdown to launch is on." Geraci's comments, referencing a Reuters report on the SEC’s new framework, underscore the imminent nature of these developments. He also specifically mentioned the Hashdex Nasdaq Crypto Index US ETF, which was approved under these new generic standards, noting its ability to hold assets beyond Bitcoin and Ethereum, explicitly naming XRP, Solana, and Stellar (XLM) as potential inclusions.
The Race to Launch
Reuters, which initially broke the news of the SEC's expedited pathway on September 18 and followed up on September 24, reported that issuers have been "scrambled to update their new product filings and respond to specific comments and questions from the SEC" since the rules were first proposed in July. Sources familiar with the matter indicated that a "final wave of amendments could be filed by the end of this week." Teddy Fusaro, president of Bitwise, confirmed the industry's readiness, stating, "Those filings are pretty far along in the review process... These are the rules we had been anticipating." This collective sentiment reflects a market poised for expansion.
XRP's Crowded Calendar
For XRP, the regulatory landscape now presents a condensed and active schedule. The SEC’s final decision deadlines for various XRP ETF applications are clustered within a seven-day window in October. This includes Grayscale on October 18, 21Shares on October 19, Bitwise on October 20, CoinShares and Canary Capital slated for October 23–24, and WisdomTree following on October 24–25. This series of deadlines creates a high-stakes period for XRP, as multiple issuers vie for approval under the new streamlined process. The confluence of these dates underscores the rapid progression of regulatory reviews.
Solana in the Slipstream
Solana is positioned similarly, riding the same wave of regulatory progress. According to research from Galaxy Digital, Solana is considered a leading contender for the initial round of approvals under this new generic regime. This projection is based on the advanced state of its filings and the demonstrable readiness of exchanges to list Solana-based products. Throughout the summer, issuers such as Bitwise and 21Shares have been diligently refining their language regarding staking, custody, and in-kind transfer mechanisms. These revisions are crucial to align their proposals with the evolving rulebooks of the exchanges and the SEC's updated expectations, ensuring compliance and smooth integration into the regulated market.
Broader Market Implications
The approval of generic listing standards is not merely about XRP and Solana; it signifies a broader opening for a diverse range of commodity-based crypto ETFs. This move could catalyze further institutional adoption of digital assets, offering investors regulated and accessible pathways to exposure beyond the dominant cryptocurrencies. It also signals a more defined regulatory environment, potentially reducing market uncertainty and attracting more traditional financial participants. The market's excitement reflects the potential for increased liquidity, greater price discovery, and enhanced legitimacy for a wider array of digital assets within the US financial system.
Conclusion
As the final amendments are expected to be filed, the crypto ETF market stands on the cusp of a transformative period. The SEC's new generic listing standards have effectively accelerated the timeline for spot XRP and Solana ETFs, creating an environment of cautious optimism and intense preparation among issuers. With key deadlines approaching in October, the coming weeks will be critical in shaping the future of regulated digital asset investments, marking a significant milestone in the integration of cryptocurrencies into mainstream finance. At press time, XRP traded at $2.84, reflecting ongoing market interest.
