Exchanges in the US are looking to build an express lane for crypto exchange-traded funds, bypassing the Securities and Exchange Commission’s case-by-case review process.
A new proposal from Cboe would allow certain crypto-backed funds to be listed automatically if they meet standardised requirements.
The proposal, filed on Wednesday, seeks to let funds qualify for listing if their underlying crypto assets have been trading as regulated futures for at least six months.
Solana will meet that threshold in mid-September, setting the stage for fund approvals by early October if the proposal is finalised in time. XRP would likely follow shortly after.
The filing also makes provisions for staking-enabled ETFs by requiring a liquidity risk management plan when more than 15% of a fund’s assets are not readily redeemable. This is a likely nod to assets like Solana and Cardano, where staking plays a big role in returns.
“This is the beginning of the crypto ETP fall,” wrote lawyer Greg Xethalis, who flagged the filing on X.
He noted that the SEC could approve pending Solana and XRP ETF applications under the new framework, or move independently ahead of the October 10 deadline.
Bloomberg Intelligence analyst Eric Balchunas said the rule would open the door to crypto ETFs tied to a familiar list of tokens.
“It’s about a dozen of the usual suspects,” he wrote on X, adding that final approvals are “likely September to October for all.”
While this filing only pertains to the Cboe, Xethalis said that major players like the Nasdaq and NYSE will soon follow with their own filings.
Solana and XRP testing investor appetite
Both Solana and XRP are already seeing early ETF traction.
In April, Teucrium launched a leveraged XRP ETF that has since ballooned to nearly $400 million in net assets, dwarfing the firm’s traditional agriculture-based products.
The fund’s 50% surge in July shows just how eager institutions are to gain XRP exposure.
JPMorgan estimates that spot XRP ETFs could trigger up to $8 billion in inflows in their first year of trading.
Solana is also making inroads. The Rex-Osprey Solana staking ETF, which began trading in early July, allows investors to earn yield while gaining SOL exposure.
Analysts at Presto Research called it a “litmus test” for altcoin ETF demand, saying $150 million in first-month inflows would mark a solid start.
Crypto market movers
Bitcoin has gained 0.2% in value over the past 24 hours and is trading at $118,660.Ethereum is up 1.2% in the same period to $3,865.Roman Storm prosecutors attack privacy ‘distraction’ in closing arguments — DL News3 big pieces of news in 24hrs — Milk RoadSenator Lummis Introduces Bill to Let Crypto Count Toward Home Loans — UnchainedCrypto lender Abra pauses withdrawals as dozens of customers fear their funds are gone — DL News
