The US crypto ETF market is bracing for a decisive stretch after the SEC’s approval of “generic listing standards” last week opened a streamlined path for spot XRP and Solana ETFs—alongside products beyond bitcoin and ether. With exchanges now able to list qualifying commodity-based ETPs without a bespoke 19b-4 approval, applicants for spot XRP and Solana funds are rushing to lodge final amendments—filings that several industry participants say are already substantially baked.
Countdown To Launch For Spot XRP And Solana ETFs
On September 24, ETF Store president Nate Geraci signaled the inflection point in a series of posts on X. “Final wave of amendments could be filed by end of this week on various spot crypto ETFs incl xrp & sol,” he wrote, adding that “those filings are pretty far along in the review process” and that the “countdown to launch is on,” citing a Reuters report on the SEC’s new framework.
Here we go…
Hashdex Nasdaq Crypto Index US ETF *approved* under SEC’s new generic listing standards.
Will now be able to own crypto assets beyond btc & eth.
Looks like xrp, sol, & xlm. pic.twitter.com/OyZO9MLnMx
— Nate Geraci (@NateGeraci) September 25, 2025
In a separate post, Geraci flagged the Hashdex Nasdaq Crypto Index US ETF: “Here we go…Hashdex Nasdaq Crypto Index US ETF *approved* under SEC’s new generic listing standards. Will now be able to own crypto assets beyond btc & eth. Looks like xrp, sol, & xlm.”
Reuters, which first detailed the regulator’s accelerated pathway on Sept. 18 and followed up on Sept. 24, reported that, since the SEC initially floated the rules in July, issuers have “scrambled to update their new product filings and respond to specific comments and questions from the SEC.” A “final wave of amendments could be filed by the end of this week,” three people familiar with the matter told the wire service. “Those filings are pretty far along in the review process,” Bitwise president Teddy Fusaro said. “These are the rules we had been anticipating.”
The rule change is foundational. By blessing generic listing standards at NYSE Arca, Nasdaq and Cboe BZX, the Commission shifted spot-crypto ETF approvals from an adjudicative, proposal-by-proposal slog to a rules-based regime. In the SEC’s own words, exchanges may now list Commodity-Based Trust Shares that meet the criteria “without first submitting a proposed rule change” to the Commission—compressing timelines to roughly 75 days in straightforward cases and removing duplicative reviews that historically bottlenecked non-BTC/ETH products.
For XRP in particular, a compressed and crowded calendar now looms. The SEC’s final deadlines line up across seven days in October: Grayscale on Oct. 18, 21Shares on Oct. 19, Bitwise on Oct. 20, CoinShares and Canary Capital on Oct. 23–24, and WisdomTree on Oct. 24–25.
Solana sits in the same slipstream. According to Galaxy Digital Research, Solana is the leading candidate for the first-wave approvals under the generic regime, reflecting the maturity of filings and the exchanges’ preparedness to list them. Issuers including Bitwise and 21Shares have spent the summer revising staking, custody and in-kind transfer language to fit within the exchanges’ rulebooks and the SEC’s evolving expectations.
At press time, XRP traded at $2.84.
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