The U.S. SEC recently issued its most comprehensive guidance to date on crypto exchange-traded products (ETPs).
Industry commentators are hailing the document as the first formal step toward the approval of a wave of crypto ETFs. These include those tied to major altcoins, such as Solana and XRP, as well as a meme coin associated with President Donald Trump.
From Roadblock to Roadmap
Under the new Republican leadership, the SEC has demonstrated a greater willingness to engage constructively with the crypto sector. The agency has not only launched a task force to develop a regulatory framework for crypto funds but has also dropped several enforcement actions it had previously been aggressively pursuing.
Matt Hougan, CIO of Bitwise Asset Management, views the new SEC guidance as a key milestone. “The most fascinating thing about this guidance is that it exists,” he said.
Notably, Bitwise currently has over six crypto ETF applications awaiting approval. Hougan stressed that the release of the guidance alone shows the SEC now sees crypto exchange-traded products as part of mainstream finance. Essentially, the agency appears ready to create a more straightforward regulatory path for these products.
Notably, the guidance instructs issuers to present disclosures in plain English and to explicitly address key risks such as custody, volatility, and competition in the crypto markets.
SEC Prepares Universal ETF Listing Rule to Replace 19b-4 Process
Perhaps more impactful than the guidance itself is what’s coming next. According to sources familiar with the SEC’s ongoing discussions, the agency is developing a universal listing framework to eliminate the need for exchanges to file Form 19b-4 for each crypto ETF.
The current 19b-4 process can delay ETF approvals by up to 240 days. However, a standardized rule, which is undergoing refinement in collaboration with exchanges like Nasdaq and Cboe, could cut this to just 75 days.
“The SEC is seeking a general rule that can apply to all listings,” remarked a top executive at a major ETF issuer. “Exchanges may begin filing under this general rule within weeks.”
Reuters confirms SEC is working on creating a full framework to streamline approval of spot crypto ETFs…
“The SEC is looking for a general rule it can apply to all listings, and currently is going back and forth on precise wording with the exchanges.” pic.twitter.com/2N8tbvAgny
— Nate Geraci (@NateGeraci) July 7, 2025
What’s Next
For now, final approval for spot ETFs tied to Solana, XRP, Polkadot, Dogecoin, and Trump’s meme coin is still pending. Issuers expect that no decisions will emerge until the SEC releases its second major guidance document. They expect this to emerge in the last quarter of 2025.
REX-Osprey Launches First US ETF With Solana Exposure
As the regulatory groundwork takes shape, some asset managers are moving ahead with creative workarounds. On July 1, REX Financial and Osprey Funds launched the REX-Osprey Sol + Staking ETF. Notably, this is the first U.S.-listed ETF offering exposure to Solana, albeit indirectly.
The fund uses an offshore investment structure that holds both Solana and a non-U.S. Solana fund. It also incorporates staking, allowing investors to earn yield in return for participating in Solana’s blockchain validation process.
Remarkably, the ETF attracted $12 million in assets on its first day, highlighting investor appetite for Solana-related products. REX CEO Greg King confirmed the firm is positioning itself for a direct Solana spot ETP as soon as the SEC finalizes the rules.
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