Are Crypto ETFs Closer To Approval After SEC Filing Reset?

Financial expert Nate Geraci has predicted that the next few weeks may see a surge in crypto ETFs approvals. Geraci shared this view on X, noting upcoming deadlines for several ETF applications.

According to him, the final deadline for several of the ETF filings is fast approaching. It starts this week with a deadline for the Canary spot Litecoin ETF, with others set to join soon.

SEC’s New Standards for Crypto ETFs Simplify Approval Process

With the SEC facing upcoming deadlines, the regulator has now requested that issuers withdraw their previously filed documents. Crypto journalist Eleanor Terret first broke the news on X.

According to her, the regulator asked issuers of several altcoin ETFs to withdraw their 19b-4 filings. This includes crypto ETFs for Solana, Dogecoin, XRP, Cardano, and Litecoin. She explained that this request is due to the new generic listing standard approved by the Commission.

She said:

While Terret noted that withdrawals could start as soon as, she clarified that it is not bad news for crypto. In her view, it could even mean that the approval process for the new altcoin ETFs would be faster.

The regulator had approved the new generic listing standards two weeks ago, providing much-needed clarity for crypto ETF issuers. The process will now be applicable, eliminating the need for exchanges to file 19b-4 forms for spot crypto ETFs.

Terret said:

Potential Withdrawals Raise Concerns of Further Delays

Meanwhile, other market experts have appeared to agree with Terret on the rationale for withdrawing the 19b-4 form. Senior ETF analyst Eric Balchunas noted that it makes sense given that the new guideline only requires an S-1 filing.

However, he added that he is uncertain about how the launch schedule will now work. Under the generic guideline, the SEC can approve a crypto ETF at any time as long as it meets the criteria.

Meanwhile, ETF expert James Seyffart shares this sentiment as well. In a comment, he noted that a potential government shutdown in the coming weeks would exacerbate the uncertainty.

Unsurprisingly, some X users are skeptical about the potential impacts of withdrawing filings with deadlines already closed. They observed that such a withdrawal would reset the deadline clock and could further delay the process.

Still, the sentiment on potential ETFs approval is very positive. Over the past two weeks, crypto ETFs have seen several positive developments.

These include Vanguard’s recent approval of spot crypto ETF listings and amendments to the S-1 for SOL ETFs. Geraci believes that these are all positive signs that crypto ETFs will have a massive October.