SEC Crypto ETF Decisions October: 16 Funds Await Approval

Background on SEC Crypto ETF Decisions

The United States Securities and Exchange Commission (SEC) is preparing to announce decisions on 16 crypto exchange-traded funds (ETFs) tied to major altcoins throughout October 2024. These ETFs, connected to assets like Solana (SOL), XRP (XRP), Litecoin (LTC), and Dogecoin (DOGE), face final approval deadlines within the month, according to a list compiled by Bloomberg ETF analyst James Seyffart (Cointelegraph).

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The first pending decision is for decentralized exchange Canary’s Litecoin ETF by October 2. Grayscale’s applications to convert its Solana and Litecoin trusts into ETFs have a deadline of October 10. The approval window closes out with WisdomTree’s XRP ETF submission on October 24. However, the SEC retains authority to announce decisions before these final deadlines.

This wave of potential approvals arrives after the SEC implemented a new listing standard for commodity-based trust shares on September 17, aiming to expedite spot crypto ETF launches and signaling a more accommodating approach to digital assets.

Market Reactions and Industry Predictions

Market analysts and industry participants are closely tracking these SEC crypto ETF decisions in October, highlighting possible ripple effects on the broader cryptocurrency market. Bitfinex exchange analysts suggested in August that the approval of these ETFs could “spark a new altcoin season” by offering safer avenues for institutional and retail exposure to these cryptocurrencies.

Nate Geraci, president of NovaDius Wealth Management and ETF analyst, stated via X, “Enormous next few weeks for spot crypto ETFs… with decisions on sol, doge, xrp, ada, & hbar ETFs,” underlining the significance of the upcoming deadlines (Cointelegraph).

Notably, some of the sector’s largest names, such as Fidelity and BlackRock, have no pending ETF applications with October deadlines. “None of the ones with the deadline in October were issued by Fidelity or BlackRock,” pointed out trader Daan Crypto Trades, though industry observers still anticipate market-moving news in the coming weeks.

Seyffart previously estimated a 90% or higher chance that the SEC will approve various crypto ETFs—though this may stretch into 2025.

What’s Next for Crypto ETFs and Regulation

The SEC has historically delayed decisions on multiple crypto ETF proposals, often introducing new deadlines extending into 2025. However, the recent adoption of streamlined listing practices suggests future crypto ETF approvals may face shorter regulatory paths. Seyffart described the September policy change as a step toward a potential “wave of spot crypto ETP launches.”

Other ETF analysts, like Eric Balchunas, have noted that up to 22 coins currently have futures listings on Coinbase, making them eligible for spot ETF applications in the near future. Since the SEC’s new listing standard, asset manager Hashdex has already updated its crypto ETF to include Solana, XRP, and Stellar (XLM), indicating market participants are moving quickly to respond to regulatory changes and widening investor demand.

For more on broader cryptocurrency developments, visit our cryptocurrency section.