The Securities Exchange Commission (SEC) has taken a major step that could accelerate the launch of spot exchange-traded funds (ETFs) tied to several major cryptocurrencies, including XRP.
According to cryptocurrency journalist Eleanor Terrett, the SEC has asked issuers to withdraw their existing 19b-4 filings following the approval of new generic listing standards. Withdrawals could begin as early as this week, she said in an X post on September 29.
Besides XRP, other affected cryptocurrencies include Litecoin (LTC), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE).
Notably, Terrett emphasized that the move is not a setback. In this case, the SEC’s generic listing standards eliminate the need for individual 19b-4 filings for token-based ETFs, simplifying and speeding up the approval process.
Under the new rules, as long as a cryptocurrency meets the established criteria, an ETF can be approved with just an S-1 filing. This means the SEC could approve one or multiple ETFs at any time, streamlining access for investors.
SEC ETF decisions
The decision comes as the SEC is expected to make rulings on several altcoin ETFs later in October, increasing the likelihood that assets like XRP could receive approval.
Market participants are anticipating a significant October for ETFs, which could lead to substantial inflows into altcoins from institutional investors.
The SEC will decide on 16 cryptocurrency ETFs, with final deadlines scattered throughout the month.
Canary’s Litecoin ETF is up first on October 2, followed by Grayscale’s Solana and Litecoin trust conversions on October 10, and WisdomTree’s XRP fund on October 24.
While decisions could happen at any time before these deadlines, analysts see the approvals as a potential catalyst for a renewed altcoin rally.
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Source: https://finbold.com/sec-makes-groundbreaking-move-in-xrp-etf-approval-process/
