Check out the latest developments on multiple cryptocurrency ETFs: SEC Review Accelerated, SOL and LTC Making Progress.

Original Article Title: "Overview of Multiple Cryptocurrency Spot ETF Developments: SEC Review Acceleration, Leading Progress in SOL and LTC Applications"

Original Author: Nancy, PANews

Shortly after Gary Gensler's departure, the U.S. SEC has shown a more crypto-friendly attitude under the new government leadership, with its new crypto working group even stating that they will clarify the cryptocurrency ETF approval rules. Recently, more and more institutions have joined the queue to apply for crypto ETFs, with noticeable progress in the applications for spot ETFs for SOL, LTC, and XRP.

According to PANews' statistics, SOL and LTC have the most institutions applying for spot ETFs, with 5 issuers each participating. In terms of progress, major institutions have submitted 19b-4 files for SOL, LTC, and XRP, but only Grayscale's Solana ETF and Litecoin Trust, and Canary's Litecoin ETF applications have been accepted by the SEC. According to the rules, the SEC usually, after accepting the 19b-4 files, publishes them in the Federal Register and initiates a 21-day public comment period. Subsequently, the SEC will undergo multiple rounds of extensions, reviews, and ultimately make a decision to approve or reject, with the timeline for this process being up to 240 days, and key milestones for reply dates at 45 days, 45 days, 90 days, and 60 days.

SOL Spot ETF: 5 Institutions Apply, Grayscale Accepted by the SEC

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

Although these institutions filed for a SOL spot ETF last year, many were rejected by the U.S. SEC. On January 29 of this year, the Cboe BZX Exchange on Tuesday, on behalf of Bitwise and VanEck among others, resubmitted the 19b-4 file for the Solana spot ETF. Based on the approval timeline, the SEC's next approval dates are March 30 and April 3, respectively.

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

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

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

XRP Spot ETF: 5 Institutional Applications Received, All Have Submitted 19b-4 Filings

As of now, including Grayscale, Bitwise, Canary Capital, 21Shares, and WisdomTree have applied for an XRP spot ETF. Grayscale submitted a 19b-4 filing on January 30 this year to convert the XRP Trust to a spot cryptocurrency ETF. Cboe BZX Exchange then submitted 19b-4 filings on February 6 on behalf of Bitwise, 21Shares, and Canary Capital, applying to list and trade an XRP spot ETF. Once the SEC confirms, the application will be published in the Federal Register, initiating the regulatory approval process.

LTC Spot ETF: Grayscale and Canary Applications Both Accepted by SEC

Currently, only Grayscale and Canary Capital have submitted LTC spot ETF applications. According to the filings, Canary Capital and Grayscale submitted 19b-4 filings for the LTC ETF on January 16 and January 24 this year, respectively. At the same time, the SEC has accepted the Litecoin ETF applications from both institutions, now entering a 21-day public comment window period, but the SEC may decide to approve, reject, or "institute proceedings."

Eric Balchunas recently stated that he still believes Litecoin will be the next cryptocurrency to receive SEC approval for a spot ETF.

In addition to SOL, XRP, and LTC, several other cryptocurrencies have joined the spot ETF approval battle. For example, in January of this year, Rex filed for multiple ETFs such as the Trump ETF and BONK ETF; in February, the New York Stock Exchange Arca submitted a 19b-4 form to the SEC for a spot Dogecoin ETF; and 21Shares filed an S-1 registration for a spot Polkadot ETF with the SEC.

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