The approval process for altcoin-based exchange-traded funds (ETFs) in the U.S. has taken a major step forward. Following a decision by the U.S. Securities and Exchange Commission (SEC) to adopt generic listing standards, exchanges are no longer required to file individual 19b-4 applications for each new altcoin ETF. As a result, Bloomberg analysts have raised the likelihood of ETF approvals for assets such as Cardano and Litecoin to 100%.
This regulatory change shifts the focus entirely to the S-1 registration process. The S-1 form, filed by ETF issuers, outlines the structure, investment strategy, and risks of the fund. Once an S-1 statement is approved, the ETF can be launched without further delay.
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What Changes With the New Standards?
Previously, exchanges like Nasdaq or NYSE Arca had to submit a 19b-4 filing for each new product – a process that could take up to 240 days and included multiple rounds of review. Under the updated framework, altcoin ETFs that meet the criteria can be listed under predefined rules. This is expected to shorten the overall approval timeline significantly, in some cases to as few as 75 days.
The SEC has already asked issuers of ETFs tied to Solana (SOL), XRP, Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE) to withdraw their 19b-4 filings, as they are no longer necessary under the revised approach.
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What’s Next for Issuers?
Issuers such as Grayscale, VanEck, and Franklin Templeton are now expected to move forward with updating and resubmitting their S-1 registration statements. These filings are still subject to review by the SEC’s Division of Corporation Finance, but do not have fixed deadlines.
The market is watching several key dates in October and November, which were previously set as final deadlines for some altcoin ETF decisions under the 19b-4 system. These deadlines no longer apply, and approval timing now depends on when the S-1 filings are finalized and accepted.
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Market Expectations
Bloomberg ETF analysts Eric Balchunas and James Seyffart both expect a significant number of new crypto ETFs to be launched within the next 6 to 12 months. Seyffart estimates that more than 100 crypto-related ETFs may enter the market in that period.
Prediction markets reflect a similar outlook. According to Polymarket, the probability of Cardano and Litecoin ETF approvals in 2025 stands at 95%.
Regulatory Caution
While the new structure is expected to expand access to digital assets through ETFs, some SEC officials have warned about potential risks. Commissioner Caroline Crenshaw described these ETFs as “nascent and untested” and pointed out that investors may not receive the same protections as they would with traditional funds.
Crenshaw also noted that the distinction between products regulated under the 1933 Securities Act and the 1940 Investment Company Act could be blurred, potentially leading to misunderstandings about the level of oversight and investor safeguards.
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Outlook
With the SEC’s approval of generic listing standards, the path to altcoin ETF listings has become clearer. The withdrawal of 19b-4 filings is seen as a procedural change that reflects this updated framework, rather than a delay or rejection.
The next stage will focus on how quickly issuers can finalize their S-1 statements and how soon the SEC is able to complete its review. If no further complications arise, several altcoin ETFs could be approved and launched by the end of the year.
