SEC Approves Spot ETFs for XRP, Solana, and Dogecoin

By: Isha Das

The United States Securities and Exchange Commission (SEC) has taken significant steps to potentially revolutionize the crypto industry by greenlighting listing standards that allow NYSE Arca, Nasdaq, and Cboe BZX to list spot crypto exchange-traded products (ETPs) without a product-specific Form 19b-4. This regulatory development aims to compress the typical market introduction path to as little as 75 days, marking a notable advancement for the crypto industry's integration into mainstream financial markets.

These new standards enable exchanges to expedite the listing of spot products for eligible assets, including XRP, Solana (SOL), and Dogecoin (DOGE). To qualify under these guidelines, assets must demonstrate the presence of regulated futures trading for a sustained period, exchange surveillance arrangements, and robust reference pricing, reshaping the landscape of the near-term ETF roadmap into a structured launch calendar. The SEC’s approval now provides a clearer rulebook for market players to accelerate the debut of various crypto-based spot ETFs, a significant step in broadening the crypto investment horizon.

Under the new SEC framework, Solana stands ready with its regulated futures contracts having started in March, meeting the six-month track record requirement, placing it in the first cohort of assets ready for listing from October. XRP is on track to meet the six-month tenure requirement by mid-November, while Dogecoin has already surpassed this requirement, given its substantial U.S.-listed derivatives history. The operational timeline suggests these ETFs could commence trading as soon as December, subject to the assets satisfying all necessary criteria and operational requirements.

Furthermore, REX Shares and Osprey Funds have already leveraged this new regulatory environment by launching ETFs for XRP and Dogecoin, which together amassed an impressive $54 million in trading volume on their debut. This success underscores the growing appetite for novel crypto investment vehicles and sets a precedent for how quickly these products can gain traction when aligned with regulatory standards and market demand. The new groundwork laid out by the SEC could very well trigger a race among issuers to reach a valuation of $10 billion, revolving around factors such as fees, seed sizes, and platform distribution strategies.