Editor’s Note
This blog was originally published to cover earlier SEC ETF approvals, including Grayscale’s GDLC. It has since been updated with the latest SEC actions on Solana, XRP, Dogecoin, and other altcoin ETFs. Bookmark this page for ongoing updates.
September 2025: SEC Pushes Solana, XRP, Dogecoin ETF Filings to Step Aside
The U.S. Securities and Exchange Commission (SEC) has requested issuers of proposed spot ETFs for Solana, XRP, Dogecoin, Cardano, and Litecoin to withdraw their pending 19b-4 filings.
At first glance, this sounds like a setback. In reality, it’s part of a broader regulatory streamlining aimed at fast-tracking ETF approvals. Following the SEC’s generic listing standards update (Sept 18), exchanges like Nasdaq and NYSE Arca no longer need to request individual rule changes.
Why this matters for traders:
- ETF approval Timelines shrink from 9 months to ~75 days.
- Issuers can skip procedural delays and move directly to S-1 filings (final step before launch).
- Altcoin ETFs beyond Bitcoin and Ethereum move closer to reality.
Key Deadlines:
- Franklin Templeton’s Solana & XRP ETFs → Nov 14
- Grayscale’s Hedera Trust → Nov 12
- BlackRock iShares Ethereum Trust (staking amendment) → Oct 30
Bloomberg forecasts a 95% chance of Solana & XRP ETF approval this year; Polymarket predicts 99% for Solana.
Grayscale’s Digital Large Cap Fund (GDLC) Wins Approval
On 17-18 September 2025, the SEC approved Grayscale’s Digital Large Cap Fund (GDLC) to trade as a U.S.-listed exchange-traded product. This milestone gave investors regulated exposure to BTC, ETH, XRP, Solana, and Cardano in a single basket.
- AUM exceeded $915M at launch.
- Signaled the SEC’s willingness to expand beyond Bitcoin/Ethereum.
- Analysts flagged this as a test case for broader multi-asset ETFs.
2025: Hashdex Nasdaq Crypto Index ETF Approved
The SEC earlier approved the Hashdex Nasdaq Crypto Index US ETF (NCIQ), one of the first under the generic listing standards.
This paved the way for speculation about broader institutional products (including possible HBAR ETFs). While speculative at the time, Hashdex’s approval confirmed that multi-asset crypto ETFs were officially on the U.S. roadmap.
Why the Fast-Track Rules Matter for Crypto ETFs
- Fast-tracking rules helps investor gain more access: More diversified ETFs → exposure to Solana, XRP, DOGE, ADA, LTC.
- Market Liquidity: Faster launches reduce uncertainty and increase institutional inflows.
- Regulatory Clarity: SEC + CFTC coordination under “Project Crypto” signals a shift toward long-term regulatory alignment.
Conclusion: A Milestone for Digital Asset ETFs
From Hashdex to Grayscale to Solana & XRP filings, the SEC’s evolving stance reflects a move away from case-by-case approvals to standardized frameworks. For investors and traders, that means, faster ETF approvals, broader altcoin exposure and a maturing U.S. regulatory climate
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