Key Takeaways
- • The SEC's newly adopted generic listing standards eliminate case-by-case review for crypto ETFs, cutting approval times to 75 days or less from up to 270 days, according to industry sources cited by Reuters.
- • Eligibility requires meeting at least one of three criteria: the underlying coin trades on a regulated market, has CFTC-regulated futures trading for at least six months, or is held at 40% or more in spot form by an existing ETF.
- • Grayscale launched its Grayscale CoinDesk Crypto 5 ETF (GDLC.P) less than 48 hours after the SEC allowed its conversion to a public fund; the fund holds bitcoin, ethereum, XRP, solana and cardano.
- • Analysts expect the first products under the new rules, likely tied to solana and XRP, to debut in early October, with a final wave of amendments possibly filed by the end of the week.
- • Demand for dozens of ETFs on lesser-known coins remains uncertain, with Bitwise, Canary Capital and VanEck all signaling a wave of launches.
Summary
Asset managers are preparing a wave of cryptocurrency exchange-traded fund launches following the U.S. Securities and Exchange Commission's vote last week to adopt new listing standards for ETFs, according to Reuters. The rules could encourage demand for products tied to coins ranging from solana to dogecoin. Twenty-one U.S. ETFs currently hold bitcoin, ethereum, or both, and the SEC has received numerous filings for products tied to other tokens. The earlier bitcoin and ethereum ETFs were launched in 2024 under stricter issuer and exchange standards.
The new framework removes the need for individual regulatory review of each application, allowing products that meet predetermined criteria to list without a lengthy approval process. Industry sources cited by Reuters say this reduces approval timelines to 75 days or less, compared with up to 270 days previously. To qualify, an ETF must satisfy at least one of three principal tests: the underlying coin already trades on a regulated market; it has CFTC-regulated futures that have traded for at least six months; or another ETF holds at least 40% of its assets in the spot cryptocurrency rather than options or swaps. Analysts expect the first products under the new rules, likely tied to solana and XRP, to debut in early October. Three people familiar with the matter said a final round of amendments could be filed by the end of the week.
Grayscale Investments moved first, launching the Grayscale CoinDesk Crypto 5 ETF (GDLC.P) less than 48 hours after the SEC permitted its conversion from a private to publicly traded fund. The fund holds bitcoin and ethereum alongside XRP, solana and cardano. Grayscale CEO Peter Mintzberg said the approval reflected the firm's advocacy for "public market access, regulatory clarity and product innovation."
Industry participants described strong pipeline activity. Steven McClurg, founder of Canary Capital Group, said the firm has about a dozen filings pending with the SEC, with more to come. Teddy Fusaro, president of Bitwise, said the filings are well advanced in review. Jonathan Groth, a partner at DGIM Law, said the fourth quarter of 2025 is shaping up as a strong period for crypto ETF issuers. VanEck's Kyle DaCruz cautioned that not all of the firm's existing filings qualify under the new criteria and that counsel is reviewing which products can advance. The SEC and CFTC did not comment on the matter.
Open questions remain around investor demand for dozens of ETFs on lesser-known tokens and how such products would fit into portfolios. DaCruz noted that the market may see many tokens unfamiliar to investors, with education compressed into weeks or months rather than the years it took for bitcoin.
The new framework removes the need for individual regulatory review of each application, allowing products that meet predetermined criteria to list without a lengthy approval process. Industry sources cited by Reuters say this reduces approval timelines to 75 days or less, compared with up to 270 days previously. To qualify, an ETF must satisfy at least one of three principal tests: the underlying coin already trades on a regulated market; it has CFTC-regulated futures that have traded for at least six months; or another ETF holds at least 40% of its assets in the spot cryptocurrency rather than options or swaps. Analysts expect the first products under the new rules, likely tied to solana and XRP, to debut in early October. Three people familiar with the matter said a final round of amendments could be filed by the end of the week.
Grayscale Investments moved first, launching the Grayscale CoinDesk Crypto 5 ETF (GDLC.P) less than 48 hours after the SEC permitted its conversion from a private to publicly traded fund. The fund holds bitcoin and ethereum alongside XRP, solana and cardano. Grayscale CEO Peter Mintzberg said the approval reflected the firm's advocacy for "public market access, regulatory clarity and product innovation."
Industry participants described strong pipeline activity. Steven McClurg, founder of Canary Capital Group, said the firm has about a dozen filings pending with the SEC, with more to come. Teddy Fusaro, president of Bitwise, said the filings are well advanced in review. Jonathan Groth, a partner at DGIM Law, said the fourth quarter of 2025 is shaping up as a strong period for crypto ETF issuers. VanEck's Kyle DaCruz cautioned that not all of the firm's existing filings qualify under the new criteria and that counsel is reviewing which products can advance. The SEC and CFTC did not comment on the matter.
Open questions remain around investor demand for dozens of ETFs on lesser-known tokens and how such products would fit into portfolios. DaCruz noted that the market may see many tokens unfamiliar to investors, with education compressed into weeks or months rather than the years it took for bitcoin.
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