SEC Pushes Solana, XRP, and Dogecoin ETF Filings Back—But Opens the Door to Faster Approvals

The U.S. Securities and Exchange Commission (SEC) has directed issuers of proposed spot exchange-traded funds (ETFs) tied to Solana, XRP, Dogecoin, Cardano, and Litecoin to withdraw their pending applications. While the move initially looked like a setback, analysts say it may actually accelerate the approval process for altcoin ETFs under a new regulatory framework.

Why the SEC Called for Withdrawals

Earlier this month, the SEC approved generic listing standards, a landmark change that streamlines how digital asset ETFs can come to market in the United States.

Previously, issuers needed two approvals:

1. A 19b-4 filing by an exchange such as Nasdaq or NYSE Arca.

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2. An S-1 registration statement by the asset manager.

With the new framework, exchanges no longer have to seek separate approval for each token. Instead, they can list crypto ETFs under broad, predefined rules. This eliminates the need for 19b-4 applications, making withdrawals a procedural step, not a rejection.

Bloomberg analyst Eric Balchunas described the development as a turning point:

“The odds are really 100% now. Generic listing standards make the 19b-4s meaningless. That just leaves the S-1s waiting for a green light. Solana could be approved any day.”

Faster Path to Market

The new process could significantly reduce timelines. In the past, ETF approvals often stretched to nine months or more. Now, issuers could see decisions in as few as 75 days once an S-1 is filed and reviewed.

For tokens like Solana and XRP, this means investors may gain access to regulated ETFs much sooner than expected. Analysts believe the streamlined system could pave the way for multiple altcoin ETFs to debut before the end of 2025.

ETF Market Expands Beyond Bitcoin and Ethereum

Until recently, the ETF market was dominated by Bitcoin and Ethereum. That landscape is beginning to shift.

On Sept. 18, the SEC approved Grayscale’s Digital Large Cap Fund (GDLC) to list under the new rules, marking the first multi-crypto ETF to pass through the updated process. GDLC holds Bitcoin, Ether, XRP, Solana, and Cardano, with assets under management exceeding $915 million.

For asset managers such as Grayscale, 21Shares, and VanEck, the new structure eliminates redundant steps and encourages innovation. ETFs tied to tokens like Dogecoin, Litecoin, and Avalanche are now realistic contenders for regulated investment products.

A Wave of ETF Applications

The SEC is currently reviewing 92 pending crypto ETF filings. Some of the key upcoming deadlines include:

• Franklin Templeton’s Solana and XRP ETFs – Decision expected Nov. 14

• BlackRock’s iShares Ethereum Trust (staking amendment) – Oct. 30

• Grayscale’s Hedera Trust – Nov. 12

At the same time, new proposals are entering the pipeline, including Bitwise’s spot Avalanche ETF and Tuttle’s “Income Blast” products covering Bonk, Litecoin, and Sui.

Prediction markets are showing strong confidence. On Polymarket, the odds of a Solana ETF approval by year-end stand at 99%, while Bloomberg analysts place approval chances for Solana and XRP ETFs at 95%.

Regulators Signal More Coordination

The SEC has framed these reforms as part of a broader effort to modernize oversight. Chair Paul Atkins said the changes aim to “strike a balance between investor protection and innovation.”

The agency is also working closely with the Commodity Futures Trading Commission (CFTC) through its “Project Crypto” initiative. A joint SEC-CFTC roundtable is scheduled to explore ways to align rules across derivatives and securities markets.

This growing coordination underscores the recognition of digital assets as a permanent fixture of U.S. capital markets.

Why This Is Good News for Investors

Although headlines about “withdrawn filings” may sound negative, analysts stress that this is a positive development for both issuers and investors.

• For investors: It means faster access to diversified crypto ETFs that go beyond Bitcoin and Ethereum.

• For issuers: It removes unnecessary hurdles, reducing approval times and compliance costs.

• For regulators: It establishes a standardized, predictable process that encourages innovation while maintaining oversight.

If Solana, XRP, and Dogecoin ETFs secure approval, it could reshape crypto’s role in traditional portfolios by broadening exposure and deepening liquidity across the sector.

A Turning Point for Digital Asset ETFs

The withdrawal of filings signals not failure, but progress. The SEC’s shift toward generic listing standards simplifies the path to approval and sets the stage for a wave of new products.

As 2025 unfolds, the ETF market is expanding rapidly from Bitcoin and Ethereum toward a wider range of digital assets. Solana, XRP, Dogecoin, and others could soon make their way into mainstream investment vehicles, marking a pivotal moment in crypto’s integration into traditional finance.

For investors, this could mean a broader set of tools to access the digital economy. For Wall Street, it’s another step in embracing a future where crypto is no longer on the fringe but part of the core financial system.