The race to standardize how US exchanges record spot crypto ETFs seems to be getting into its endgame, with quiet however coordinated rule-filing tweaks that would unlock single-asset merchandise past bitcoin and ether—most notably XRP and Dogecoin.
On X, chairman and president of The ETF Retailer Nate Geraci captured the temper amongst issuers and exchanges: “Main exchanges proceed to quietly work w/ SEC behind the scenes on generic itemizing requirements for spot crypto ETFs… Given closing deadlines on present spot crypto ETF filings, [it’s] cheap to anticipate this might be in place by early October. Then crypto ETF floodgates open.”
Why Spot XRP And Dogecoin ETFs Are Nearer Than Ever
What’s modified will not be a splashy Fee order, however the methodical convergence of three nationwide exchanges—Cboe BZX, NYSE Arca, and Nasdaq—on almost harmonized generic itemizing requirements (GLS) for Commodity-Primarily based Belief Shares. Their proposals would permit qualifying commodity ETPs—together with those who maintain “digital asset commodities”—to record with out bespoke 19b-4 approvals every time, offered the merchandise meet prescriptive standards and the exchanges keep strong surveillance. NYSE Arca’s new Rule 8.201-E (Generic), Nasdaq’s amendments to Rule 5711(d), and Cboe’s overhauled Rule 14.11(e)(4) all level the identical course: make spot crypto ETF approvals systematic relatively than one-off, whereas preserving market-integrity guardrails.
A key technical edit operating by the filings is how the time period “commodity” is outlined. Greg Xethalis, Basic Counsel at Multicoin Capital, revealed the key talks as we speak through X: “CBOE BZX, the NYSE and NASDAQ as we speak filed amendments to their Commodity-Primarily based Belief Shares ETP Generic Itemizing Requirements.
The amendments largely contact on a technical edit to take away ‘excluded commodities’ from the definition of ‘commodity’ within the GLS,” a belt-and-suspenders transfer that stops unintended sweep-in of devices like interest-rate indexes or currencies underneath the Commodity Change Act’s “excluded commodity” heading. Nasdaq’s submitting spells it out, carving these out explicitly and even footnoting the CEA §1a(19) definition to indicate what’s out of scope.
Equally essential is the futures-market seasoning check many view because the “on-ramp” for brand new spot merchandise. Cboe’s proposal requires that, amongst different pathways, the underlying asset underlie a futures contract that has been made out there to commerce on a Designated Contract Marketplace for not less than six months and that the change has a surveillance-sharing settlement with that DCM. In apply, the “made out there to commerce” phrasing anchors the six-month clock to the contract’s itemizing/availability date and aligns with the surveillance logic the SEC has leaned on for the reason that 2024 spot-BTC and spot-ETH approvals.
ETF Functions In The Queue
In opposition to that backdrop, the XRP and Dogecoin dockets are already deep into the 19b-4 pipeline—so standardized itemizing guidelines arriving in late September or early October would collide virtually completely with a number of closing statutory deadlines:
For XRP, a number of separate spot filings illustrate the cadence. On Nasdaq, the CoinShares XRP ETF (SR-NASDAQ-2025-012) was revealed within the Federal Register on February 25, 2025, with proceedings instituted on Might 29 and the interval for motion prolonged once more on August 21; underneath Change Act timing, the 240-day exterior date from publication lands on October 23, 2025.
On NYSE Arca, Grayscale XRP Belief (SR-NYSEArca-2025-08) hit the Register February 20, 2025; the SEC famous the one hundred and eightieth day as August 19—putting the 240-day exterior date on October 18, 2025. Cboe BZX’s Canary XRP Belief entered the queue with publication on February 25, 2025, likewise pointing to an October 23, 2025 exterior date. These are basic 19b-4 itemizing information; S-1 registrations should nonetheless go efficient earlier than any shares commerce.
For Dogecoin, a number of spot proposals present comparable waypoints. The Bitwise Dogecoin ETF on NYSE Arca was issued March 17, 2025, setting a 240-day exterior date of November 12, 2025. On Nasdaq, the 21Shares Dogecoin ETF discover was revealed Might 19, 2025, implying an out of doors date of January 14, 2026. Grayscale’s Dogecoin Belief filed an S-1 on August 15, 2025, disclosing that NYSE Arca lodged its companion 19b-4 on January 31, 2025—proof issuers have been making ready each legs of the approval stool.
The upshot: if the SEC blesses the generic itemizing requirements on the schedule the business now expects, the calendar neatly strains up with XRP’s October 18–23 exterior dates—and Dogecoin’s November 12 follow-on—creating precisely the “floodgates” window Geraci described.
At press time, XRP traded at $2.81.
Featured picture created with DALL.E, chart from TradingView.com
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