Fast-Track Crypto ETFs: How 75-Day Approvals Could Boost SOL & XRP

Title: Fast-Track Crypto ETFs: How 75-Day Approvals Could Boost SOL & XRP

Introduction

What happens when the U.S. Securities and Exchange Commission (SEC) slashes its crypto-ETF review window from as long as 270 days to just 75? On September 17, 2025, the SEC adopted generic listing standards under Rule 6c-11 and related Exchange Act amendments, streamlining spot cryptocurrency ETF approvals. This regulatory shift primes the market for a wave of new products—particularly multi-coin funds featuring Solana (SOL) and XRP—as soon as October 2025.

This post, aimed at intermediate to advanced U.S. crypto investors, unpacks the procedural overhaul, compares it with traditional 1940 Act ETF timelines, reviews the initial SOL and XRP filings, models market impacts on basis spreads, on-chain liquidity, and derivatives pricing, flags key structural risks, and offers tactical trading and asset-management insights.

1. Fast-Track Crypto ETFs Under New SEC Regulation

Before diving into the specifics, it’s worth noting why this matters: a shorter review period reduces regulatory uncertainty, accelerates product launches, and can reshape capital flows into digital assets. In mid-September 2025, the SEC approved amendments empowering NYSE, Nasdaq, and Cboe BZX to adopt generic listing standards for commodity-based ETFs, including spot crypto products. Under this framework, eligible ETFs bypass case-by-case Rule 19b-4 reviews and dual filings, cutting the review window from roughly 240–270 days to just 75.

Key eligibility criteria:

1. Underlying token trades on a regulated market with surveillance-sharing (e.g., ISG members).
2. CFTC-regulated futures have traded for at least six months under surveillance pacts.
3. An existing ETF allocates ≥40% of assets directly to the cryptocurrency.

SEC Chair Paul Atkins hailed the change as streamlining listings and fostering innovation while preserving investor protections. Industry heavyweights—Grayscale, VanEck, Canary Capital—raced to update or file new multi-coin ETFs featuring SOL and XRP.

2. Comparing the 75-Day Clock with 1940 Act ETFs

To appreciate the impact, recall that traditional U.S. ETFs relied on the 1940 Act’s Section 6(c) and Exchange Act Rule 19b-4, triggering dual 45-day windows plus comments and staff review—often exceeding 240 days. In October 2019, Rule 6c-11 modernized the process for most ETFs to a ~60-day timeline, but spot crypto remained excluded until these September 2025 standards, finally aligning crypto ETF approvals with the broader ETF market.

3. Rapid Multi-Coin Filings: SOL & XRP Take Center Stage

Almost immediately, issuers filed or amended S-1/19b-4 proposals:

• Grayscale converted its private Digital Large Cap Fund into a spot ETF—weighting SOL at 2.97% and XRP at 5.90% (Aug 2025).
• VanEck proposed a standalone SOL ETF alongside Kiln staking services.
• Bitwise amended its BITW multi-asset filing.
• Canary Capital tweaked its Litecoin and emerging-altcoin ETFs to meet the 40% direct-hold threshold. Launches are expected in early October 2025, with SOL and XRP leading thanks to regulatory clarity and ecosystem maturity.

4. From Filings to Market Impact

With these proposals in play, we can model the downstream effects: • Basis Spread Narrowing: A 75-day approval certainty compresses arbitrage windows, aligning NAV and market prices more tightly. • On-Chain Liquidity: ETF inflow anticipation boosts DEX volumes (SOL daily volume +36%), deepens TVL on Solana, and improves large-trade slippage. • Derivatives Ripples: CME SOL futures open interest ($1.5 billion) signals institutional positioning; an SOL basis trade now yields ~7.5% APY on restaking atop basis returns. Quantitatively, a $2 billion inflow into SOL ETFs could represent ~1% of circulating supply, boosting TVL by 3–5% and narrowing bid-ask spreads by 10–15 bps.

5. Key Structural Risks

While opportunities abound, watch for: • In-Kind Redemption Hurdles: Secure token transfers and custodian protocols remain operationally complex. • Surveillance-Sharing Limits: Qualification requires 90% of trading venues under ISG or equivalent pacts, potentially excluding significant decentralized venues. • “Materially Similar” Constraints: Crypto ETFs must mirror commodity ETP structures—basket disclosures, NAV calculations, redemption mechanics—foreclosing active or leveraged strategies. • Regulatory Spillover: Future legal challenges or SEC shifts could pause or reverse progress, as past Grayscale stays demonstrate.

6. Tactical Tips (Risk-Aware)

In light of the above risks, consider:

1. ETF Basis Trades: Go long spot SOL/XRP and short ETF shares or futures 30–15 days before launch; monitor creation/redemption spreads.
2. Borrow-Demand Arbitrage: Borrow spot tokens, lend to ETFs at elevated rates, and capture the spread.
3. Front-Running Volatility: Use options straddles/strangles around key decision dates based on open-interest skews.
4. Liquidity-Staking Overlay: Stake SOL via Lido or Marinade (~7.5% APY) while retaining spot exposure ahead of approval.
5. Risk Controls: Enforce tight stop-losses around regulatory milestones, avoid overleveraging low-volume altcoin ETFs, diversify collateral, and limit single-asset concentration.

Conclusion

The SEC’s move to a 75-day crypto-ETF review window marks a pivotal shift—fast-tracking capital formation for Solana, XRP, and beyond. Investors and asset managers who master the procedural nuances, market dynamics, and structural risks stand poised to capitalize on this new chapter in U.S. crypto finance.

Citations

1. Reuters, Sept. 24, 2025…