The SEC’s recent approval of new listing standards has cleared the way for spot ETFs focused on XRP and Solana, and other cryptocurrencies beyond Bitcoin and Ethereum. This has led to a flurry of activity as companies rush to finalize their applications.
Final Amendments Imminent
Industry experts predict that final amendments to several spot crypto ETF applications, including those for XRP and Solana, will be submitted by the end of the week. These applications are reportedly far along in the SEC’s review process, suggesting a launch could be imminent. Nate Geraci, president of the ETF Store, even tweeted about the Hashdex Nasdaq Crypto Index US ETF’s approval under these new standards, hinting at the inclusion of XRP, Solana, and Stellar Lumens (XLM).
A Faster Approval Process
The SEC’s new rules have significantly streamlined the approval process for commodity-based exchange-traded products (ETPs). Exchanges can now list these ETPs without needing individual approvals, speeding up the process from months to roughly 75 days for straightforward applications. This change eliminates the bottlenecks that previously hampered the approval of non-Bitcoin/Ethereum ETFs.
XRP and Solana ETF Timeline
The fast-tracked approval process means several companies are vying to be the first to launch XRP and Solana ETFs. Several key deadlines are clustered in October for various applicants.
Solana’s Strong Position
According to Galaxy Digital Research, Solana is a frontrunner for early approval due to the maturity of its filings and the exchanges’ readiness to list it. Companies have spent months refining their applications to meet the SEC’s evolving requirements.
Current XRP Price
At the time of writing, XRP is trading at $2.84.
