On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) approved new rules that simplify the approval process for cryptocurrency ETFs. Instead of reviewing each application individually, exchanges can now apply standardized criteria for listing ETFs that track spot assets, including cryptocurrencies. This reduces approval time from 240 days to 75 days.
The new framework allows faster market entry for ETFs tracking assets like Solana and XRP, whereas previously only Bitcoin and Ethereum ETFs were widely approved. The initiative is part of the broader strategy to integrate digital assets into the U.S. financial system.
First Multi-Crypto ETF Approved
Under the new rules, the Grayscale Digital Large Cap Fund became the first multi-crypto ETF, including Bitcoin, Ether, XRP, Solana, and Cardano. This paves the way for faster launches of new investment products, including thematic or even meme-coin ETFs like Dogecoin. Experts, however, caution about potential investor risks due to the accelerated approval process.
Key Requirements for New ETFs
To benefit from the streamlined approval, ETFs must meet the following criteria:
- The asset must be traded on an exchange recognized by the Intermarket Supervisory Group (ISG) or be the basis for a futures contract registered on an approved exchange for at least six months.
- The product must track an asset that is part of another ETF with a minimum 40% share, registered on a national stock exchange.
These requirements aim to enhance transparency and reduce risks for investors.
Outlook for Future Launches
According to the new rules, over 100 new crypto ETFs are expected to launch within the next 12 months. Assets likely to see quick approval include Solana, XRP, SHIB, and HBAR, reflecting growing investor interest in diverse digital assets.
