Solana, XRP ETF Applications Withdrawn Per New SEC Generic Rule

The U.S. Securities and Exchange Commission (SEC) has asked asset managers to withdraw their individual exchange listing applications for several spot altcoin exchange-traded funds (ETFs). 

Following the agenda, this applies to products tracking tokens such as Solana (SOL) and XRP. The withdrawals are part of an administrative shift to move issuers under a generic listing framework recently approved by the SEC.

A procedural change in ETF approvals

This request is not a rejection of the proposed funds. Instead, it follows the SEC’s decision to allow certain crypto ETFs to be listed through a standardized process, replacing the prior case-by-case filings known as 19b-4 forms. The new framework removes the need for individual exchange rule change proposals, which previously added time to the review process.

Implications for issuers

Under the revised approach, exchanges can list crypto ETFs that meet predefined criteria without submitting separate 19b-4 filings. Issuers will now focus on completing their S-1 registration statements with the SEC. 

The approval of these ETFs will depend on the clearance of the S-1 filings. Tokens potentially affected include Solana, XRP, Litecoin, Cardano, and Dogecoin. According to Eleanor Terrett, withdrawals could start happening as soon as this week. 

Supporters of the update argue that it offers issuers a clearer and more consistent pathway, while others note that the impact will depend on how the S-1 reviews are handled. The development also connects to the SEC’s broader policy agenda for digital assets and may influence the timeline for institutional crypto products.

The change reflects ongoing regulatory adjustments as the SEC incorporates digital asset products into existing securities frameworks. In practical terms, attention now shifts from tracking individual 19b-4 deadlines to monitoring progress on S-1 registration statements, which remain the final step before potential market launch.

Also read: SEC Clears Grayscale’s ETH ETFs Under New Generic Rules