Breaking: XRP, SOL, ADA, DOGE, and LTC ETF Filings to Be Withdrawn

The U.S. Securities and Exchange Commission (SEC) has reportedly asked exchange-traded fund (ETF) issuers to withdraw their 19b-4 filings for XRP, Litecoin (LTC), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) ETFs. 

This comes after the SEC recently approved new generic listing standards for commodity-based ETFs, including cryptocurrency-based ones. 

Issuers will start withdrawing their applications as early as this week, meaning that it is only a matter of time until such ETFs will become publicly tradable. 

Massive change 

Normally, each ETF has to be approved under Section 19(b) of the Securities Exchange Act of 1934. The approval process is usually lengthy and daunting. 

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Now, however, if a certain product meets specific eligibility criteria, it can secure a much-coveted listing at a much faster pace. Such commodities are supposed to have CFTC-regulated futures contracts (among some other requirements). 

Earlier, multiple analysts predicted that the new listing standard would unleash a wave of new spot cryptocurrency ETFs.  

While commenting on the recent reporting, Bloomberg’s ETF analyst Eric Balchunas, stated that “this was something we thought could happen.” He has noted that there is no need for ordinary 19b-4s filings in the post-GLS world. That said, he is still not sure about how exactly the launch schedule will actually work.