The U.S. Securities and Exchange Commission (SEC) has introduced a new regulatory framework that streamlines the approval process for cryptocurrency exchange-traded funds (ETFs). This development has paved the way for the launch of ETFs tied to Solana (SOL), XRP, and Dogecoin (DOGE), marking a significant shift in the integration of digital assets into mainstream finance. The first multi-asset ETF under this framework, the Grayscale Digital Large Cap Fund, includes Bitcoin, Ether, XRP, Solana, and Cardano. Additionally, the first memecoin-backed ETF, the Rex-Osprey Doge ETF, is set to begin trading, signaling a broader acceptance of diverse digital assets.
SEC’s Regulatory Shift: A Milestone for Crypto ETFs
On September 18, 2025, the SEC approved new generic listing standards for commodity-based exchange-traded products across major exchanges, including Nasdaq, Cboe BZX, and NYSE Arca. This move eliminates the need for individual applications under Section 19(b) of the Securities Exchange Act of 1934, significantly reducing the approval time from up to 240 days to as little as 75 days. The new framework enables faster and more cost-effective listings of ETFs tied to a broader range of digital assets, including Solana, XRP, and Dogecoin.
Launch of Solana, XRP, and Dogecoin ETFs
The Grayscale Digital Large Cap Fund became the first multi-crypto ETF approved under the new rules, holding Bitcoin, Ether, XRP, Solana, and Cardano. This ETF represents a significant step in the diversification of crypto investment products.
In a groundbreaking development, the Rex-Osprey Doge ETF, the first memecoin-backed ETF, has been approved and is set to begin trading. This ETF, which invests in Dogecoin—a cryptocurrency originally created as a joke—signals a notable shift in the SEC’s stance on crypto under Chair Paul Atkins, a Trump appointee. The approval of this ETF reflects a broader embrace of digital assets, with Bitcoin and Ether ETFs now holding over $175 billion.
The REX-Osprey XRP ETF, trading under the ticker XRPR, will be the first U.S. ETF offering spot exposure to XRP, the third-largest cryptocurrency by market capitalization. The SEC’s 75-day review period for the filing has expired without objection, paving the way for trading to start.
Market Implications and Investor Outlook
The approval of these ETFs is expected to have significant implications for the cryptocurrency market. Analysts anticipate substantial inflows into these funds, with projections suggesting that XRP could attract up to $8 billion in a bullish scenario, Solana up to $6 billion, and Dogecoin up to $3 billion. These projections are based on factors such as institutional participation, futures market depth, and investor demand.
The launch of these ETFs also marks a turning point in the mainstream acceptance of digital assets. The SEC’s regulatory shift has opened the door for a broader range of digital assets to be included in investment products, providing investors with more opportunities to gain exposure to the cryptocurrency market.
Conclusion
The SEC’s new regulatory framework represents a significant step toward integrating digital assets into the traditional financial system. The launch of ETFs tied to Solana, XRP, and Dogecoin reflects growing investor interest and institutional involvement in the cryptocurrency market. As the market continues to evolve, these developments underscore the increasing importance of digital assets in the global financial landscape.
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