The race for U.S. crypto exchange-traded funds (ETFs) is accelerating, and analysts say approval for Litecoin, Solana, and XRP ETFs is now virtually guaranteed.
Bloomberg Senior ETF Analyst Eric Balchunas raised the odds of approval to 100%, pointing to the Securities and Exchange Commission’s (SEC) recent adoption of generic listing standards that eliminate the need for the traditional 19b-4 approval process.
“Honestly, the odds are really 100% now,” Balchunas wrote on X. He explained that the SEC’s updated rules make the previous deadlines tied to 19b-4 filings irrelevant, leaving only the S-1 registration statements awaiting a green light from the agency’s Division of Corporation Finance.
“And they just submitted amendment #4 for Solana. The baby could come any day. Be ready.”
Honestly the odds are really 100% now. Generic listing standards make the 19b-4s and their “clock” meaningless. That just leaves the S-1s waiting for formal green light from Corp Finance. And they just submitted amendment #4 for Solana. The baby could come any day. Be ready. https://t.co/5JtfTm82Wi
— Eric Balchunas (@EricBalchunas) September 29, 2025
SEC Streamlines Crypto ETF Process
Until recently, the SEC required a two-step process for crypto ETFs. Exchanges such as Nasdaq, NYSE Arca, and Cboe BZX filed 19b-4 forms to kick off formal deadlines, while issuers separately submitted S-1 registration statements. The new generic listing standards mean that if a cryptocurrency meets certain conditions — including having a futures contract listed on a designated derivatives market for at least six months — exchanges can launch ETFs without waiting for additional approvals.
Here are mine and @EricBalchunas' most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025. pic.twitter.com/H3pxJhqMy3
— James Seyffart (@JSeyff) June 30, 2025
This change fast-tracks review times from as long as 240 days to potentially just 75. It also aligns crypto ETFs with the approval process for traditional stock and bond ETFs.
Expanding ETF Landscape
The SEC’s decision follows the January debut of spot Bitcoin ETFs and the July launch of Ethereum ETFs in the U.S., both of which drew strong investor interest. Now, with futures markets already active for coins such as Litecoin, Solana, XRP, Dogecoin, Cardano, Polkadot, Avalanche, and Hedera, dozens of new ETF applications are in the pipeline.
Balchunas noted that when similar generic listing standards were introduced for equity and bond ETFs, the number of launches tripled.
“Good chance we see north of 100 crypto ETFs launched in the next 12 months,” he said.
Industry Outlook
Alongside Balchunas, Bloomberg ETF Analyst James Seyffart had already placed approval odds for Litecoin, Solana, and XRP ETFs at 95% earlier this year, alongside several crypto index products. The latest regulatory shift pushes those expectations to certainty, analysts say.
The SEC’s new chairman, Paul Atkins, has also signaled a more open stance toward digital assets since taking office in April, promising to streamline oversight without stifling innovation.
