SEC requests issuers to withdraw filings for several altcoin ETFs following generic listing approval
- The US SEC has requested that ETF issuers for XRP, Solana, Litecoin, Dogecoin and Cardano products withdraw their 19b-4 filings.
- The request follows the agency's approval of generic listing standards for crypto products.
- Under the new listing guidelines, issuers no longer need to file 19b-4 applications for individual crypto ETFs.
The US Securities and Exchange Commission (SEC) has directed prospective issuers of XRP, Solana (SOL), Dogecoin (DOGE), Litecoin (LTC) and Cardano (ADA) exchange-traded funds (ETFs) to withdraw their 19b-4 filings, following the approval of generic listing standards for crypto products.
SEC issues request for withdrawal of 19b-4 filings for crypto products
The SEC has issued a request for prospective issuers to withdraw their 19b-4 filings for several products, including SOL, XRP, LTC, ADA and DOGE, according to a Monday X post from journalist Eleanor Terrett.
She highlighted that issuers could begin withdrawals before the week runs out.
"Even though deadlines are looming for these individual ETFs, the SEC could technically make a decision on any or all of these at any time," wrote Terrett.
The move follows the agency's approval of generic listing standards for crypto ETFs earlier in the month, which removes the need for firms to submit 19b-4 applications for individual crypto products.
Under the new standards, exchanges can list the funds if they meet requirements rather than filing individual 19b-4 applications. The process also reduces the SEC's previous approval timeline, which can take up to 240 days, to about 75 days.
Although there is no assurance of the timing for the SEC's decisions on the ETFs, regulators were already reaching a final deadline for certain applications.
The agency is expected to reach the end of its decision-making period for Canary Capital's spot LTC ETF filing this week, according to Nate Geraci, President of the ETF Store. He added that the deadline will be followed by decisions on SOL, DOGE, XRP, ADA and HBAR ETFs.
Bitwise Chief Investment Officer Matt Hougan previously predicted a surge in crypto ETFs if the SEC approved generic listing standards, stating that it could "blow the market open."
Regulators also approved Grayscale's CoinDesk Crypto 5 ETF (GDLC) under the new guidelines on September 19. The fund is the first US ETF to track five of the top cryptocurrencies by market capitalization, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana and Cardano.
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Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
