SEC Generic Rules Make Altcoin ETFs Imminent

The SEC adopted generic listing standards for commodity-based trust shares, eliminating the need for individualized 19b-4 exchange filings and prompting issuers to withdraw those forms. Issuers now primarily must file and amend S-1 registration statements, which several major asset managers — including Grayscale, Fidelity, VanEck, Bitwise, Franklin, CoinShares, and Canary — have updated. Bloomberg senior ETF analyst Eric Balchunas said the change makes approval of roughly 16 spot altcoin ETFs (including Solana, XRP, Litecoin, Cardano, and Dogecoin) essentially certain, with the Solana ETF potentially launching any day after recent S-1 amendments. The new framework lets the SEC approve these products at any time and potentially in batches, replacing the prior 19b-4 clock that set decision deadlines. Regulators and commentators cautioned that these spot altcoin ETFs are nascent and pose unique market and retail-investor risks despite the apparent imminent launches.