Is The SEC Trying To Fast-Track Or Delay ADA and XRP ETFs?

Earlier today, the SEC asked prospective issuers of altcoin ETFs to withdraw their Form 19b-4 applications. XRP, Solana, Litecoin, Cardano, and Dogecoin products may gain expedited approval very soon.

However, several of these ETFs had imminent SEC deadlines; an LTC product was set to require a final decision this week. If issuers withdraw these old proposals, the process may lose this sense of urgency.

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Altcoin ETF Listing Standards

When the SEC approved new listing standards for ETFs earlier this month, it seemed like a bullish development for new altcoin products.

As investors retreat from BTC and ETH products, altcoins may have an opportunity to take over. A new posture from the SEC has further encouraged high hopes:

According to credible rumors, the SEC asked prospective issuers of several altcoin ETFs to formally withdraw their Form 19b-4 filings.

This directive specifically concerns five key assets: XRP, Solana, Cardano, Litecoin, and Dogecoin. Both XRP and Dogecoin recently saw big breakthroughs, but we haven’t reached a 100% spot product quite yet.

On the surface, the SEC’s request looks incredibly bullish for altcoin ETFs. If the Commission formally makes the old process obsolete, this could hasten new approvals across the board.

A new wave of altcoin products could substantially boost crypto markets.

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A New Delaying Tactic?

Still, there’s one possible downside: many of the Form 19b-4 altcoin ETF applications were due to reach a final verdict soon. Before this announcement, the SEC was scheduled to make a firm commitment on one relevant product later this week:

Since the SEC issued this new directive, however, ETF experts are unsure how fast the new altcoin approval process might be.

If these potential issuers withdraw their submissions, the Commission will trade an imminent and binding deadline for an ambiguous one.

In other words, as much as this is bullish, it may also constitute a new stalling tactic. Two months ago, the SEC approved an altcoin ETF before issuing an extraordinary delay one day later.

This product also faced a final deadline, but this unorthodox practice managed to defuse all urgency.

So far, it’s unclear if the issuers will actually withdraw their extant Form 19b-4 applications. Some or all of these deadlines may yet remain binding.