SEC Fast-Tracks Spot Crypto ETFs Beyond Bitcoin and Ether

The SEC just gave crypto ETFs a fast lane

The United States has quietly made the biggest procedural change to crypto market structure since spot bitcoin ETFs went live. On September 17, 2025, the Securities and Exchange Commission approved generic listing standards that allow the NYSE, Nasdaq, and Cboe to list qualifying spot commodity ETPs, including digital assets, without bespoke rule filings each time. The agency positioned this as a way to streamline product launches while preserving investor protections. It also approved the listing of a large cap digital asset fund in the same action, a signal that index‑style products are on the menu. You can read the announcement here: SEC approves generic listing standards.

Why this matters: For a decade, every spot crypto ETF required a pair of approvals, first a rule change for the exchange, then a registration for the issuer, followed by months of back‑and‑forth. With generic standards in place, qualifying products can clear the exchange side with far less friction. Timelines are expected to compress, sequencing becomes more predictable, and the barrier to launch for well‑designed funds falls dramatically.

What generic listing standards actually change

Generic listing standards are a template. If an exchange certifies that a new product meets predefined criteria, the product can list without the exchange filing a custom rule change. The standards typically cover several pillars:

Pricing and index methodology. The ETF must have a transparent, rules‑based pricing source or index that is widely available and resistant to manipulation. For digital assets, that often means robust volume filters, exchange eligibility screens, and time‑weighted methods that blunt outliers.
Market surveillance. Exchanges need surveillance sharing with markets of significant size that feed into the reference price. This helps detect wash trading, spoofing, and other manipulative behavior that could spill into the ETF.
Custody and asset handling. Cold‑storage controls, segregation of assets, independent audits, and procedures for events like hard forks, airdrops, redenominations, and staking rewards. The rule set clarifies what the fund can do and how it must disclose it.
Creation and redemption mechanics. Clear processes for in‑kind or cash creations, settlement timelines, and who qualifies as an authorized participant. This is the plumbing that lets market makers keep shares in line with the underlying.
Ongoing reporting. Daily holdings, tracking error, premium or discount metrics, and material risk updates. For digital assets, disclosures around validator relationships, slashing risk, and network downtime matter as well.

The issuer still has to register the product and its disclosures, but the biggest friction historically was the exchange rule change. By removing repeated, bespoke filings, the SEC has turned a custom shop into a catalog. That is why this is a fast lane, not a free‑for‑all.

The near‑term pipeline, mapped

Here is how the queue likely reshuffles over the next several months.

Wave 1, the high‑liquidity leaders

Solana. Multiple managers have already filed for SOL spot products. Solana has deep dollar liquidity, multiple price sources, and institutional custodians. It also has real operational questions a sponsor must address, including network throughput variability and validator centralization, but those are disclosure problems rather than deal breakers. Expect a race to list on the venues that can secure the first mover advantage and the right lead market makers.
XRP. With multiyear litigation mostly in the rearview and a liquid global market, XRP is set up well for the generic template. The sticking points are valuation source selection and handling of on‑chain events. None of these look fatal under a template approach, and several issuers have already telegraphed interest.
Dogecoin. The first U.S. DOGE ETF has arrived, a moment that would have sounded like satire a few cycles ago. The product is slated to trade on Cboe, and its debut shows how broad the new regime could run once a token clears the basic liquidity and custody hurdles. See coverage of the listing here: Dogecoin ETF to begin trading.
Digital large caps. The SEC’s action also greenlit listing for a fund tied to a large cap digital asset index. Index products are a shortcut to breadth, and they lower single‑asset risk for advisors who want exposure without betting on one chain.

Timing: The first products under the template could roll out within weeks, not quarters, once issuers align their filings and operations to the new rule of the road. The practical gating factors are custodian readiness, authorized participant rosters, S‑1 effectiveness, and marketing compliance.

Wave 2, the next tier of majors

Assuming the first wave launches cleanly and the market structure holds, expect filings for the next assets by market cap and U.S. dollar liquidity: ADA, AVAX, MATIC, LINK, and perhaps LTC. These tokens have broad exchange coverage and institutional custody options. The index route may beat some single‑asset launches to market for this tier, because a broad basket can pass the manipulation and pricing tests more easily than an idiosyncratic chain.

Dark horses and specialty products

Smart contract sector baskets that diversify across L1s and L2s.
Staked variants where the fund earns native yield, with rewards distributed as income or reinvested. These will require crisp treatment of validator selection, slashing, and tax reporting.
Themed products tied to activity metrics, for example active addresses or fees, which would look more like factor ETFs than pure beta.

Liquidity, spreads, and the basis trade 2.0

Spot bitcoin ETFs created new cash‑and‑carry opportunities that pulled in hedge funds, prop shops, and bank desks. A similar playbook will emerge here, but the details will differ by token.

Share creation and secondary market spreads. In the first weeks, most spreads will be set by the data feeds and the speed of the create or redeem process, not by lack of interest. If creations are cash only, market makers must obtain the tokens on behalf of the fund after receiving cash, which can widen spreads briefly for thin names. In‑kind creates usually tighten spreads faster since APs deliver tokens into the fund inventory and pull shares out.
ETF versus offshore perpetuals. For bitcoin, the classic basis trade captured a rich funding differential between CME futures and spot. Many alt tokens do not have CFTC‑regulated futures with depth. That means the near‑term basis trade will pair ETF exposure with offshore perpetuals only for firms that can access those venues. Others will run a spot‑versus‑ETF arb across U.S. brokerages and qualified custodians, which is simpler but lower octane.
Borrow markets will mature. The ability to short shares or borrow the underlying determines how quickly discounts disappear when demand sours. Expect agency lenders and crypto prime brokers to stand up borrow programs for SOL, XRP, and DOGE once funds seed and holdings are eligible for lending. That helps keep tracking tight and gives market makers more tools.
Options and volatility. Once ETFs have consistent volume, listed options can follow. Options complete the toolkit for relative value, hedging, and structured income strategies. They also attract retail traders who want to size exposure precisely.

Bottom line: Liquidity will likely concentrate where creation is in kind, where the underlying has multiple robust price sources, and where exchanges recruit experienced crypto lead market makers early.

How the first Dogecoin ETF fits into the shift

Dogecoin’s ETF debut is not a novelty side quest, it is a tell. A memecoin with no formal supply cap and a culture‑first brand now sits inside a 1940 Act wrapper with qualified custody, daily NAVs, and a regulated exchange listing. That is incredible product market fit for an audience that wants simple brokerage access and avoids setting up wallets.

What it means for structure and behavior:

Retail will find the toggle. DOGE has always been a story coin. The ETF turns that story into a button inside brokerage apps. Expect bursts of volume around cultural events, social catalysts, and Elon tweets. That behavior is not new, the difference is that it will flow through the U.S. ETF plumbing rather than only crypto exchanges.
Liquidity migrates toward the wrapper. The ETF can become the best‑lit venue for price discovery during U.S. hours, especially if the fund permits in‑kind creations and redemptions. That pulls in professional liquidity providers who prefer equities rails.
Valuation noise will be visible. Premiums and discounts will swing more than on bitcoin ETFs, particularly at the open and close. That is the cost of turning a 24 by 7 asset into a product that trades six and a half hours a day.
Fees matter. Investors in DOGE funds will pay management fees that are likely higher than bitcoin and ether funds. Issuers will test whether brand and convenience can support a higher price point.

Exchange and issuer competition, now on fast‑forward

The exchanges

Cboe has dominated crypto ETF listings so far by building strong relationships with issuers and market makers. It is well positioned to capture the first batch of non‑bitcoin, non‑ether listings.
Nasdaq brings broad institutional distribution and data muscle, which helps for index products and funds that need bespoke calculation agents.
NYSE carries the biggest brand with advisors. If it can move first on a marquee token like SOL or XRP, that branding will matter in wirehouse channels.

Issuers

Scale players like BlackRock, Fidelity, and Invesco Galaxy will launch products that look and feel like their bitcoin offerings, then rely on distribution to win assets.
Crypto specialists like Bitwise, VanEck, 21Shares, and niche challengers such as REX and Osprey will try to be first and fastest, sometimes with creative twists like staked variants or low‑fee index trackers.
Expect a fee war. First movers can charge a premium for a quarter, maybe two. Once a second or third issuer lists the same exposure, fees compress quickly.
Seed size and plumbing will decide early winners. Issuers that line up multiple APs, recruit elite lead market makers, and pre‑wire custodial workflows will show tighter spreads, which attracts flows that compound the advantage.

Investor protection risks the market must solve in the open

Speed does not remove risk. It puts risk on stage where everyone can see it.

Market manipulation remains a live issue. Many tokens still trade heavily on offshore venues with limited surveillance. Generic listing standards require surveillance agreements and robust pricing, but ETFs cannot police the entire crypto market. Advisors should assume that single names can gap on venue specific news.
Concentrated ownership. Some chains have early investor or foundation wallets that hold a large share of supply. Issuers must disclose these concentrations and how they could affect price.
Custody events. Slashing, upgrades, chain halts, and bridges introduce failure modes that do not exist in gold or equities. Sponsors need clear playbooks for how funds will respond, including whether they will pause creations or fair value assets when networks misbehave.
Forks and airdrops. Investors must understand whether a fund will claim, ignore, or distribute them, and on what timeline. Ambiguity here leads to tracking surprises.
Staking and yield. If a fund stakes assets, who earns the reward, how is it taxed, and what happens in a slashing event. Clear, conservative policies reduce headline risk.
Suitability. A low‑cost wrapper can make a volatile asset feel safer than it is. That is a behavioral risk, not a product defect, and it calls for better advisor education.

The upside of putting these risks into a regulated wrapper is that disclosure becomes standardized, performance is auditable, and many operational hazards move from investors to professional sponsors and custodians.

What mainstream ETF access means for Web3 go‑to‑market

This rule change rewires the funnel for Web3 projects.

Investor relations becomes a real function. Protocol foundations and core contributors will need IR calendars just like public companies. That does not mean price talk. It means regular updates on network health, validator distribution, ecosystem grants, and developer traction that ETF sponsors can cite in disclosures.
Data quality is now a competitive edge. Index eligibility and valuation committees reward chains with transparent, high integrity data. Projects should treat reliable node telemetry and on‑chain analytics as part of their marketing stack.
Liquidity strategy moves onshore. If a project hopes to be ETF eligible, it benefits from deeper, cleaner dollar liquidity on regulated venues that feed reference prices. That can influence where market makers quote, which fiat ramps to prioritize, and how to structure incentive programs.
Airdrops and tokenomics must consider fund mechanics. If a chain plans material airdrops, emissions, or staking changes, teams should coordinate timelines with sponsors so the ETF can handle events cleanly. Surprises do not help anyone.
Brand building enters the advisor channel. Advisors will ask why a client should own SOL or XRP or a sector basket. Protocols that can explain utility in simple language will capture share of mind when model portfolios update their alternative sleeves.
Treasury policy matures. Foundations that hold large treasuries can supply borrow, facilitate in‑kind creations, or provide liquidity backstops during stress. That is a new kind of capital market function for Web3.

What to watch next

The first effective registrations under the generic template, especially single‑asset funds tied to SOL and XRP.
Whether the next wave allows in‑kind creations from day one. That choice will shape spreads and day‑one liquidity.
Early flows and tracking for the DOGE ETF during its first month, since it will test how volatile culture coins behave in a regulated wrapper.
Options listings on the new ETFs, which will signal that market makers are comfortable with the product’s microstructure.
Surveillance and pricing disclosures. Look for reference price providers and the list of eligible spot venues. That tells you where price discovery really happens.
SEC enforcement tone. Approval of a faster pathway does not mean a free pass. The Commission will still police marketing and disclosures aggressively.

The bottom line

The SEC has moved crypto ETFs from custom builds to a catalog. That does not pick winners, it picks a process. In that process, the assets with the deepest, cleanest markets and the clearest disclosures will arrive first. Solana and XRP are front of the line. Dogecoin’s ETF debut underscores that culture coins can pass through regulated pipes if the plumbing is sound. The real change is not the logo on the wrapper. It is the arrival of a rules‑based lane that lets advisors, market makers, and protocol teams meet in a structure they all understand. That is how an asset class grows up, one template at a time.