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The U.S. Securities and Exchange Commission (SEC) has approved a new listing standard for commodity-based trust shares, a move that could significantly shorten the approval process for future spot cryptocurrency exchange-traded funds (ETFs). The decision, announced on September 17, is already reshaping expectations in the ETF market, with analysts predicting a surge of new filings and approvals in the months ahead.
Bloomberg ETF analyst James Seyffart called the update a potential catalyst for a “wave of spot crypto ETP launches.” His comments, made shortly after the SEC’s announcement, reflect growing optimism that regulators may be ready to expand the menu of crypto investment products available to U.S. investors.
The SEC’s new policy centers on commodity-based trust shares, a category that includes investment products tied to underlying commodities such as gold, silver, or oil. By extending the framework to digital assets, the regulator has effectively streamlined the path for new spot crypto ETFs, which directly track the price of a cryptocurrency rather than futures contracts.
According to Seyffart, the change reduces the procedural hurdles ETF issuers face when seeking approval. “This is a meaningful step that lowers barriers for issuers and speeds up the timeline for launches,” — James Seyffart, ETF Analyst, Bloomberg Intelligence.
His colleague Eric Balchunas, also an ETF analyst at Bloomberg, echoed the sentiment. In a post on X, he speculated that as many as 22 digital assets could now be “eligible for spot ETF-ization,” pointing to cryptocurrencies with active futures trading on Coinbase.
The impact of the SEC’s rule change has already become visible. On September 19, asset manager Hashdex announced it had expanded its existing crypto ETF to include XRP, Solana (SOL), and Stellar (XLM). The update gives investors broader exposure to altcoins within a regulated structure, marking one of the first tangible applications of the SEC’s new standards.
Hashdex has long positioned itself as a bridge between traditional finance and digital assets. By quickly integrating additional tokens, the firm signaled confidence that the regulatory environment is becoming more accommodating for altcoin-based products.
This is just the beginning, said a Hashdex spokesperson in a statement to The Block. We expect more issuers to follow suit as the SEC provides clearer guidelines for spot crypto ETFs.
The approval of commodity-based trust share listings doesn’t guarantee every proposed ETF will clear regulatory hurdles, but it does expand the scope of what’s possible. Analysts believe the next wave of applications could include a mix of blue-chip assets and mid-cap tokens.
Balchunas highlighted the significance of the change in relation to Coinbase’s futures market. With more than 20 coins trading futures contracts on the platform from Ethereum to smaller-cap tokens the groundwork for ETF exposure is already in place.
“The SEC just gave issuers a faster lane,” Balchunas said. “If futures exist and liquidity is sufficient, spot ETFs could be next.”
For investors, this means the range of available products may expand well beyond Bitcoin and Ethereum. Tokens such as Solana, XRP, and Stellar could soon gain mainstream investment vehicles, potentially unlocking billions in new capital inflows.
The SEC’s decision also has wider implications for the crypto market. Spot ETFs are often seen as a bridge between retail and institutional investors, offering exposure to digital assets through familiar, regulated structures. The approval of Solana and XRP-linked funds, for example, could lend greater legitimacy to these projects and fuel additional adoption.
At the same time, the policy change underscores the delicate balance regulators are trying to strike between innovation and investor protection. Critics warn that expanding ETFs too quickly could expose investors to risks associated with volatile, less-established cryptocurrencies.
Still, the momentum is undeniable. With firms like Hashdex already taking advantage of the new rule, and heavyweight issuers such as Fidelity, VanEck, and Franklin Templeton reportedly exploring similar opportunities, the next few months may prove pivotal for the evolution of the crypto ETF landscape.
Market observers expect a flurry of new filings in the fourth quarter of 2025, as issuers move quickly to capitalize on the SEC’s revised framework. Analysts predict that approval timelines could shrink from years to just months, accelerating the rollout of new products.
For investors, the SEC’s shift represents both opportunity and risk. On one hand, expanded access to tokens like Solana and XRP through spot ETFs provides a safer, more regulated entry point into crypto markets. On the other, the speed of product launches could test the industry’s ability to maintain transparency and security at scale.
Whether this leads to a sustainable wave of adoption or a short-term speculative frenzy remains to be seen. But one thing is clear: with the SEC’s new listing standards in place, the conversation around crypto ETFs has moved from “if” to “how soon.”
