SEC Requests Withdrawal of XRP, Cardano (ADA), Dogecoin (DOGE), and Solana (SOL) ETFs – But This Is Positive News, Here Are the Details

The U.S. Securities and Exchange Commission (SEC) has made a significant change to its cryptocurrency-based spot ETF applications.

SEC Requests ETF Applications to Be Withdrawn Because No Other Method of Approval Required

According to Fox Business reporter Eleanor Terrett, the SEC has requested that issuers of spot ETFs for Litecoin (LTC), Ripple (XRP), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) withdraw their existing 19b-4 filings. This development is linked to the recently approved “general listing standards,” which will eliminate the need for separate filings for each fund.

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The new regulation will expedite the process for ETF applications. The SEC has approved general listing standards for the Nasdaq, Cboe BZX, and NYSE Arca exchanges. These standards streamline the listing process for commodity-based exchange-traded products (ETPs), eliminating the need for individual approvals under Section 19(b). This will facilitate a faster approval process, replacing the previously lengthy application process involving public comment and SEC review.

This change paves the way for ETF approvals for major cryptocurrencies beyond Bitcoin and Ethereum. Most spot crypto ETFs seen on the market until now have been based solely on Bitcoin and Ethereum, the two crypto assets with the largest market capitalizations. However, the SEC's new approach paves the way for funds based on leading altcoins like LTC, XRP, SOL, ADA, and DOGE to become available to investors much sooner.

*This is not investment advice.

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