SEC Reviews 92 Crypto ETF Applications Including XRP, Solana

The U.S. Securities and Exchange Commission (SEC) is currently reviewing 92 cryptocurrency exchange-traded fund (ETF) applications, with Solana (SOL) and XRP (Ripple) leading the surge in submissions as deadlines approach in October 2025. XRP ETFs have gained significant institutional confidence following a 2024 court ruling that classified XRP as not a security, increasing the likelihood of SEC approval. Grayscale Investments has also filed to convert its Avalanche Trust into a spot Avalanche (AVAX) ETF, aiming to expand regulated access to AVAX despite the token's challenging price performance this year. To address the growing backlog of crypto ETF applications, major exchanges have proposed standardized fast-track approval criteria to the SEC, potentially expediting approvals for tokens including DOGE, LTC, SOL, and XRP. Analysts anticipate that approving XRP ETFs could unlock billions in investment inflows, possibly making them larger than Bitcoin or Ethereum ETFs. This evolving regulatory environment reflects increasing institutional appetite for digital assets and may accelerate market participation and innovation in crypto ETFs.