As we all know, BTC and ETH spot listings already existed, and we were familiar with how they worked. However, this step for altcoins is a first and opens a significant door in the sector. Essentially, what used to be called a bubble is now beginning to be adopted by governments worldwide.

How Did the Process Work?

Earlier this September, the SEC issued a new regulation that included general standards to simplify the listing process for crypto/commodity ETFs. Thanks to this regulation, there was no longer a need for lengthy, separate reviews for each new product, and the process became considerably faster.

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Why Are Spot ETFs Important?

These spot ETFs provide investors with numerous benefits. The biggest advantage is that investors can invest in the ETF portion rather than directly in the crypto asset, securing themselves. Previously, investors could only do this for Bitcoin and Ethereum, but now they can invest in **Solana, Litecoin, and Hedera** without holding the actual crypto assets. In fact, Solana also offers **staking opportunities**, allowing investors to earn additional income through staking.

With the SEC accelerating this process, the acceptance of crypto assets in terms of ETFs is increasing day by day. Various expert opinions explain this situation as follows:

Thanks to these accelerated approvals, the flow of institutional capital into this segment could increase further, adding benefits to the existing crypto market in terms of liquidity.

Mainstream is now crypto again.

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In an interview with Paul Barron, McClurg emphasized that XRP enjoys wide recognition among financial circles. He noted that although Ethereum ranks second by market capitalization, it does not surpass XRP in visibility among Wall Street institutions. 

Huge Demand Expected for XRP ETFs 

The Canary CEO predicted that XRP ETFs could attract up to $5 billion in inflows during their first month of trading. He added that this surge could allow XRP funds to outperform Ethereum-based products. 

However, McClurg also pointed out that macroeconomic factors will directly shape the outcome. He argued that the Federal Reserve should have already lowered interest rates. Furthermore, he expects the FOMC meeting in September to finally deliver a rate cut, which may boost overall crypto market momentum. 

Meanwhile, Canary Capital is among the asset managers that have applied for an XRP ETF with the SEC. The firm recently submitted an amended S-1 form, while the regulator postponed its decision to October 23. On that date, the SEC must either approve or deny the proposed rule change that would allow the fund’s shares to list and trade. 

New Crypto ETFs on the Horizon 

McClurg noted that not only XRP but also Solana, Litecoin, and Hedera ETFs could launch later this year. He clarified that final approval depends on the SEC, yet Coinbase’s existing XRP futures offering strengthens the case for approval. 

CME also lists regulated XRP futures, a key factor that previously paved the way for Bitcoin and Ethereum ETF approvals. 

On the other hand, McClurg admitted that some crypto funds may not receive clearance until next year. Canary Capital has filed for multiple products, including ETFs tied to PENGU, TRX, INJ, AXL, SUI, SEI, and Trump coin. The company also submitted a proposal for an “American-Made Crypto ETF,” designed to track U.S.-linked tokens. 

In the end, McClurg reaffirmed his belief that XRP ETFs could launch this year. If so, the asset would further strengthen its position as Wall Street’s most recognized cryptocurrency after Bitcoin. 

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Details of the Postponements

The SEC has postponed decisions on several high-profile ETF applications, including Grayscale’s filings for Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA). Additionally, Canary Capital, Bitwise, and 21Shares have also seen delays in their XRP ETF applications.

The regulator further delayed decisions on Solana (SOL) ETFs submitted by 21Shares, Canary, and VanEck. The last of the altcoin-related ETF postponements was Canary Capital’s Litecoin (LTC) filing.

Other crypto ETF delays include in-kind creation and redemptions for BlackRock IBIT ETF, as well as Fidelity’s Wise Origin Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH). Additionally, 21Shares’ Core Ethereum ETF proposal to include staking has also been postponed.

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New Applications and Market Race Intensify

Despite these delays, the SEC has acknowledged new filings, including Grayscale’s Hedera (HBAR) ETF and Bitwise’s updated Dogecoin (DOGE) filing. Moreover, on March 11, Franklin Templeton filed an S-1 Form for its own XRP ETF, further intensifying the altcoin ETF race.

Strong Approval Odds for 2025!

Bloomberg ETF analyst James Seyffart emphasized that these delays are part of standard procedure and should not raise concerns. He also noted that Paul Atkins has yet to be confirmed as the new SEC chair, which may have influenced the delay timeline.

In February, Seyffart and Bloomberg Senior ETF Analyst Eric Balchunas published their approval probability estimates for Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE) ETFs. According to their analysis, Litecoin (LTC) leads with a 90% chance of approval in 2025, followed by Dogecoin (DOGE) at 75%. Solana (SOL) has a 70% probability, while XRP holds a 65% chance of approval.

The analysts highlighted that these approval odds were below 5% before Donald Trump’s election victory in November. Since then, regulatory sentiment has shifted, significantly increasing the likelihood of ETF approvals. If the regulatory environment continues to improve in the US, these odds may rise even further.

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