SEC Approves Generic ETF Listing Standards - Solana Spot ETF Imminent?

The United States Securities and Exchange Commission (SEC) has approved generic listing standards that will allow national securities exchanges to list and trade exchange-traded products (ETPs) backed by spot commodities, including crypto assets, without submitting individual rule change filings for each case. The decision, announced on September 17, 2025, represents a significant shift in how digital asset ETFs can come to market.

The SEC’s approval covers proposed rule changes from three major U.S. exchanges: Nasdaq, NYSE Arca, and Cboe BZX. Under the new framework, exchanges can list Commodity-Based Trust Shares that meet the standards without first undergoing the lengthy Section 19(b) review process. The Commission emphasized that the changes will streamline the path to market while still requiring exchanges to meet transparency and surveillance obligations.

“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets. This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets.” - SEC Chairman Paul S. Atkins.

Jamie Selway, Director of the Division of Trading and Markets, added that the decision provides clarity for market participants, giving issuers and investors a rational, rules-based system.

Eligibility Criteria for Crypto Spot ETFs

The filings submitted by Cboe BZX, Nasdaq, and NYSE Arca align on three common standards that determine whether a token is eligible for expedited processing. To qualify under these rules, a crypto spot ETF’s underlying asset must satisfy at least one of the outlined requirements:

• It must trade on a market that is part of the Intermarket Surveillance Group (ISG) with surveillance-sharing access.

• It must underlie a futures contract listed on a CFTC-regulated designated contract market for at least six months, with surveillance sharing in place.

• Alternatively, the asset may qualify if it is already tracked by an ETF listed on a national securities exchange that provides at least 40 percent exposure.

If a product does not meet these standards, the exchange would still need to submit a separate rule filing for SEC approval.

Wen Spot Solana ETFs?

One immediate consequence of the decision involves Solana. Coinbase Derivatives launched regulated Solana futures in February 2025, and as of August 19, 2025, those contracts have traded for six months. This development makes Solana eligible for a spot ETF under the newly approved framework. 

Other assets with similar regulated futures markets could follow, including XRP, Litecoin, and Dogecoin, which are already awaiting decisions on spot ETF applications.

Alongside the approval of the generic standards, the SEC also approved the listing of the Grayscale Digital Large Cap Fund (GDLC), which holds a basket of digital assets including Bitcoin, Ethereum, XRP, Solana, and Cardano. In addition, the SEC gave the green light to options on the Cboe Bitcoin U.S. ETF Index and its mini counterpart, broadening the range of crypto-linked investment products.

Differing Views Inside the Commission

The SEC’s decision did not receive unanimous support. Commissioner Caroline Crenshaw expressed concern in a statement that the framework could lead to a proliferation of products that may not have undergone adequate review. She warned that the new process risks “fast tracking these new and arguably unproven products to market” without sufficient investor protection safeguards, describing the initiative as “the Commission passing the buck.”

By contrast, Commissioner Hester Peirce welcomed the approval, arguing that it removes unnecessary delays and reduces reliance on case-by-case enforcement. She noted that the new rules provide “alternative rules-based eligibility criteria for the underlying holdings of commodity-based ETPs, including crypto asset-based ETPs.”

Industry Reaction and Expected Impact

ETF analysts and industry figures widely view the approval as a turning point. Bloomberg’s James Seyffart described the decision as “the crypto ETP framework we’ve been waiting for” and predicts that “19b-4s will not be needed” in the future.

At the same time, colleague Eric Balchunas said the move clears the way for a wave of new crypto ETFs to begin trading as early as October.

Nate Geraci, Co-founder of the ETF Institute, described the approval as “amazing,” pointing out that just two years ago, the SEC was still litigating over a spot Bitcoin ETF.

Even though Greg Xethalis, General Counsel of Multicoin Capital, had positive words to say about the announcement, he believes that there should be additional requirements and “certain thresholds” regarding which products are deemed eligible to launch.

Bitwise CIO Matt Hougan drew parallels with the SEC’s 2019 approval of generic listing standards for traditional ETFs, which led to a sharp increase in the number of annual ETF launches. He predicted a similar surge in crypto-related products under the new rules.

What comes next?

Market observers expect a rapid expansion of crypto ETFs in the United States following the SEC’s decision. With Solana and several other digital assets now meeting the eligibility requirements, exchanges are likely to accelerate filings and product launches. Analysts predict that the generic standards will bring greater efficiency and predictability to the ETF approval process, potentially reshaping the landscape for digital asset investment.

While the debate over investor protections continues within the Commission, the approval of generic listing standards marks a pivotal moment in the integration of cryptocurrencies into mainstream financial markets.

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