The U.S. Securities and Exchange Commission (SEC) has requested that asset managers withdraw several pending ETF filings tied to Litecoin, XRP, Solana, Cardano, and Dogecoin. These requests apply to the Form 19b-4 applications submitted to exchanges for approval to list new crypto-related exchange-traded products (ETPs).
Meanwhile, this follows the SEC’s adoption of updated listing standards on September 18, allowing exchanges to list certain cryptocurrency ETFs without needing separate rule changes for each product. The withdrawals are part of a shift toward a faster, simplified process and do not reflect a rejection of the ETFs themselves.
S-1s Now Take Priority Over 19b-4s
Until now, ETF issuers had to go through two steps: filing a 19b-4 with an exchange and submitting an S-1 registration form to the SEC. The 19b-4 process involved asking the agency to approve a rule change so a new product could be listed. It added months to the timeline.
The SEC’s new rules remove that requirement for some commodity-based crypto ETFs. As long as the products meet the general criteria, the exchange doesn’t need to file a 19b-4. Now, only the S-1 form—which outlines how the ETF operates—needs approval.
SEC Chair Paul Atkins said the new framework reduces unnecessary hurdles while keeping investor protections in place. He explained that the goal is to support responsible innovation in financial markets.
Timeline Could Shorten for ETF Launches
For firms like Grayscale, VanEck, 21Shares, and others, the change simplifies how they bring products to market. Some have already filed both 19b-4 and S-1 forms for the same ETF. They’re now expected to withdraw the 19b-4 filings and proceed with the S-1 route.
James Seyffart, an ETF analyst at Bloomberg Intelligence, noted,
“The SEC can move absurdly fast if they really want to — as we’ve seen in the past.”
He also said that while quick approvals are possible, there’s no clear timeline for when the S-1s will be reviewed.
“Everything is uncertain. Add in the prospect of a government shutdown and things can get really wonky,” he added.
The updated process has already been applied. On September 18, the SEC approved Grayscale’s Digital Large Cap Fund (GDLC) under the new rules. The fund holds Bitcoin, Ether, XRP, Solana, and Cardano, and has more than $915 million in assets.
More Filings, Shorter Wait Times
Currently, more than 90 crypto ETF proposals are sitting with the SEC. Several have decision deadlines in October and November, including:
- Franklin Templeton’s XRP and Solana ETFs (deadline: November 14)
- BlackRock’s iShares Ethereum Trust amendment (due: October 30)
- Grayscale’s Hedera Trust (due: November 12)
Other filings tied to Litecoin, Dogecoin, Avalanche, and Sui are under review in the same window. The wave of filings shows that ETF issuers are preparing for a more responsive regulatory timeline.
On Polymarket, odds for a Solana ETF approval by the end of 2025 stand at 99%. Bloomberg analysts project over 95% approval chances for both Solana and XRP filings.
SEC’s Approach Moves Toward Standardization
The SEC’s shift toward standardized procedures comes as part of broader efforts to modernize crypto regulation. The agency is also working with the Commodity Futures Trading Commission (CFTC). A joint roundtable is planned under the agency’s “Project Crypto” initiative, which was introduced earlier this year to update securities law for the digital asset space.
By removing the 19b-4 requirement, the SEC has cleared a layer of administrative work that previously slowed down ETF approvals. Issuers now need to focus only on preparing and refining their S-1 statements for review.
While the SEC has not announced when the pending S-1s will be approved, the updated system suggests a move toward shorter timelines and broader access for crypto funds across U.S. exchanges.
