SEC orders withdrawal of XRP and altcoin ETF filings as new generic listing standards streamline crypto approvals ahead of October deadlines.
The United States Securities and Exchange Commission (SEC) has instructed issuers of spot exchange-traded funds (ETFs) for XRP and other major altcoins to withdraw their 19b-4 filings. The directive comes after the approval of generic listing standards by the regulator. This will replace the need for individual filings. According to journalist Eleanor Terrett, the withdrawals are expected to start this week.
SEC Drops Delay Notices for XRP and Other Altcoin ETFs
The move from the SEC involves several different types of digital assets, including Solana (SOL), Litecoin (LTC), Cardano (ADA) and Dogecoin (DOGE). The regulator is pulling all notices of extended review periods in advance of October deadlines for ETF approvals. By removing these delays, the commission indicates that it is moving forward in making crypto ETF approval more efficient.
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Withdrawn filings include Solana ETFs from Bitwise, VanEck, Fidelity, Canary, 21Shares, and Invesco Galaxy. Similarly, XRP ETF filings by Bitwise, Franklin, WisdomTree, Canary, CoinShares, and 21Shares have also been impacted. Additional notices were withdrawn for Canary’s HBAR ETF, CoinShares’ Litecoin ETF, and 21Shares’ Polkadot ETF. The changes signal more extensive restructuring of the ETF approval process.
The SEC’s actions come right after the approval of Generic Listing Standards for crypto ETFs two weeks ago, and they take effect on October 1. These standards are designed to simplify the process, including reducing duplicative filings. A key example is the Canary spot Litecoin ETF, which will be listed on the Nasdaq with trading starting in the next few days.
Analysts see the move as a step towards bringing crypto ETFs in line with established equity and commodity funds. The move is in the face of increasing regulatory acceptance of digital assets while ensuring compliance safeguards are preserved. This indicates a more standard way forward for additional ETF listings.
SEC Considers Ethereum Staking ETFs in Parallel Review
In parallel, the SEC has also reversed its course in issuing Ethereum staking ETFs, withdrawing extended review notices for the ETFs. Applications BlackRock’s iShares, Franklin, VanEck, 21Shares, Bitwise, and Invesco Galaxy applications will now take off without delay. Staking is not approved yet in the United States. However, issuers remain hopeful that future U.S.-listed Ether ETFs could include staking features, which would allow investors to earn rewards along with regular exposure to Ether.
Experts believe that staking-enabled ETFs would be appealing to both institutional and retail investors, as they offer a yield in addition to exposure to Ether. Combined with wider altcoin ETF approvals, it could lead to a major inflow of capital in the crypto market.
The actions taken by the SEC represent a move towards greater clarity in the digital asset investment landscape. By introducing generic listing standards and expeditions ETF reviews may accelerate mainstream adoption of crypto investment products.
For XRP and other altcoins, the withdrawals represent an early shift under the new framework. As October deadlines near, market participants wait for final approval decisions. Also, these decisions may change strategies, trust, and capital flows.