Author: Nancy, PANews

Shortly after Gary Gensler's departure, the U.S. SEC has shown a more favorable attitude towards cryptocurrencies under the new government leadership, with its new crypto task force even stating that it will clarify the approval rules for crypto ETFs. Recently, an increasing number of institutions have joined the ranks of crypto ETF applications, with significant new progress in the spot ETF applications for SOL, LTC, and XRP.

According to PANews statistics, SOL and LTC have the most institutions applying for spot ETFs, with five issuers participating. In terms of progress, major institutions have submitted 19b-4 filings for SOL, LTC, and XRP, but only Grayscale's Solana ETF and Litecoin Trust, along with Canary's Litecoin ETF, have been accepted by the SEC. According to the rules, the SEC typically publishes the 19b-4 filings in the Federal Register and opens a 21-day public comment period after acceptance. Subsequently, the SEC will undergo multiple rounds of extensions and reviews, ultimately making a decision to approve or deny, with a maximum time frame of 240 days. The key response dates are 45 days, 45 days, 90 days, and 60 days.

SOL Spot ETF: 5 institutions participating in the application, Grayscale has been accepted by the SEC

Currently, five issuers have submitted applications for the spot Solana (SOL) ETF, namely Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital. Unlike other institutions, Grayscale is converting the Solana Trust into a spot ETF.

Although these institutions submitted SOL spot ETF application documents last year, many were rejected by the SEC. On January 29 of this year, the Cboe BZX exchange re-submitted the 19b-4 filing for the spot Solana ETF on behalf of Bitwise, VanEck, and other institutions. From the approval timeline, the SEC's next approval dates are March 30 and April 3.

It is worth mentioning that the SEC seems to have "softened" its stance, as recent news indicates that the agency has accepted Grayscale's Solana ETF 19b-4 application.

In response, Bloomberg analyst James Seyffart stated that this could be a positive signal for anyone facing SEC litigation (or any exchange), as the SEC openly claims that Solana is a security…

Bloomberg senior ETF analyst Eric Balchunas also noted that this is noteworthy news. This is the SEC's first acknowledgment of an ETF application tracking a token previously referred to as a "security." Just six weeks ago, the SEC, led by Gensler, requested the CBOE to withdraw its Solana 19b-4 application. Therefore, we are now entering a new territory; although this is just a small step, it seems to be a direct result of the leadership change.

XRP Spot ETF: 5 institutions have applied, all have submitted 19b-4 filings

As of now, Grayscale, Bitwise, Canary Capital, 21Shares, and Wisdomtree have applied for the XRP spot ETF. Among them, Grayscale submitted a 19b-4 filing on January 30 of this year to convert the XRP Trust into a spot cryptocurrency ETF, while the Cboe BZX exchange submitted the 19b-4 filings on February 6 on behalf of Bitwise, 21Shares, and Canary Capital to apply for the listing and trading of the XRP spot ETF. Once confirmed by the SEC, this application will be published in the Federal Register, initiating the regulatory approval process.

LTC Spot ETF: Grayscale and Canary applications have been accepted by the SEC

Currently, only Grayscale and Canary Capital have submitted applications for the LTC spot ETF. According to the documents, Canary Capital and Grayscale submitted the 19b-4 filings for the LTC ETF on January 16 and January 24 of this year, respectively. The SEC has accepted the Litecoin ETF applications from both institutions, which are now in a 21-day public comment window, but the SEC may decide to approve, deny, or "initiate proceedings."

Eric Balchunas recently stated that he still believes Litecoin will become the next cryptocurrency spot ETF approved by the SEC.

In addition to SOL, XRP, and LTC, several other crypto assets have also joined the spot ETF approval battle. For example, in January, Rex applied for multiple ETFs including the Trump ETF and BONK ETF; in February, the New York Stock Exchange Arca submitted the 19b-4 form for a spot Dogecoin ETF to the SEC; and 21Shares submitted an S-1 registration application for a spot Polkadot ETF to the SEC.

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