The U.S. Securities and Exchange Commission (#SEC ) is moving to streamline the approval process for spot cryptocurrency exchange-traded funds (#ETFs ), including products tied to Solana and #XRP . As reported by Reuters, the agency is developing a standardized regulatory framework designed to accelerate the review and approval timeline for digital asset investment products.
A key feature of this initiative is the planned elimination of the traditional 19(b)-4 filing requirement—a procedural step that currently extends the approval process to up to 240 days. The proposed framework could reduce that timeline to approximately 75 days, providing a faster and more consistent path to market for crypto ETF issuers.
A Shift in Regulatory Strategy
This development marks a significant pivot in the SEC’s approach to the digital asset sector. Under the current Republican leadership, the agency has begun to reassess its stance on cryptocurrency regulation. Recent internal changes include a reassignment of the SEC’s crypto enforcement team and a scaling back of certain enforcement actions. In parallel, a newly formed task force is working on broader regulatory updates aimed at modernizing oversight of crypto-related financial products.
As part of this initiative, the SEC released a 12-page guidance document earlier this week detailing new disclosure requirements for crypto ETFs. These include clear, plain-language reporting on issues such as custody arrangements, underlying asset risks, and competitive factors. The goal is to enhance transparency while reducing delays in the fund registration process.
Sources indicate that this document is the first in a series of expected publications. The next is anticipated to introduce a new listing format that would formally eliminate the need for a 19(b)-4 filing. Currently, each crypto ETF application must submit this form individually to request exemptions from exchange listing rules—a process that has historically prolonged approval.
Exchanges and asset managers reportedly anticipate the final version of the new filing template within the coming weeks. While Nasdaq and Cboe have declined to comment on the regulatory discussions, the New York Stock Exchange has not issued a response.
Solana-Based Products Positioned to Lead
Among the products most likely to benefit from the updated framework are ETFs based on Solana. Several issuers have already filed proposals for spot Solana ETFs, though formal launches are not expected before early fall, pending the release of the SEC’s next round of guidance.
Despite the regulatory uncertainty, REX Financial and Osprey Funds recently launched an ETF offering indirect exposure to Solana. The fund, which invests in a non-U.S.-based Solana vehicle and utilizes staking strategies to generate yield, debuted on July 1 and attracted $12 million in assets on its first trading day.
REX CEO Greg King confirmed that the firm intends to pursue a direct spot Solana ETP (exchange-traded product) once the SEC finalizes the necessary regulatory framework. He added that while the progress is promising, the complete structure of the new regulatory path has yet to be finalized.
Broader Implications for the Crypto ETF Market
The SEC’s evolving approach signals a potentially transformative moment for crypto investment products in the United States. By reducing procedural burdens and clarifying disclosure standards, the Commission aims to support innovation while maintaining investor protections.
As the regulatory environment continues to evolve, asset managers and exchanges are positioning themselves for a more competitive and dynamic ETF landscape—one that could soon include a wider array of crypto-based offerings beyond Bitcoin and Ethereum.
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