The U.S. Securities and Exchange Commission (SEC) has introduced new proposed rules establishing a streamlined framework for the approval of crypto asset exchange-traded products (ETPs). Key among the potential impacts, this framework paves the way for anticipated Solana and XRP ETP listings by major U.S. exchanges as early as the fourth quarter of this year.
The core of the proposal mandates uniform listing standards, replacing the current need for exhaustive individual 19b-4 filings for each potential ETP. Instead, eligibility would be tied to the underlying crypto asset demonstrating at least six months of regulated futures trading activity on Coinbase Derivatives.
Based on this criteria, filings submitted by exchanges such as CBOE, NYSE Arca, and Nasdaq indicate that Solana (SOL) and Ripple’s XRP are projected to be fully eligible by approximately October 2025, triggering a faster approval process under the new rules.
To enhance investor protections, the SEC also proposed a requirement for robust liquidity risk management. This stipulates that ETP providers must ensure at least 85% of the fund’s assets can be quickly redeemed to satisfy shareholder orders, aiming to bolster fund stability.
These SEC proposals operate alongside ongoing federal legislative efforts, including the Clarity for Payment Stablecoins Act (CLARITY Act) and the CBDC Anti-Surveillance State Act, contributing to an evolving regulatory landscape for digital assets.
The SEC’s stated objectives are to increase regulatory clarity for market participants, improve efficiency in the approval process, and ultimately broaden investor access to crypto assets through regulated exchange-traded products, while promoting market stability.