The race to standardize how US exchanges listing 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 Store Nate Geraci captured the temper amongst issuers and exchanges: “Major 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 count on this may be in place by early October. Then crypto ETF floodgates open.”
Why Spot XRP And Dogecoin ETFs Are Closer Than Ever
What’s modified shouldn’t be a splashy Commission order, however the methodical convergence of three nationwide exchanges—Cboe BZX, NYSE Arca, and Nasdaq—on practically harmonized generic itemizing requirements (GLS) for Commodity-Based Trust Shares. Their proposals would permit qualifying commodity ETPs—together with those who maintain “digital asset commodities”—to listing with out bespoke 19b-4 approvals every time, supplied the merchandise meet prescriptive standards and the exchanges keep sturdy 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 somewhat than one-off, whereas preserving market-integrity guardrails.
A key technical edit operating by means of the filings is how the time period “commodity” is outlined. Greg Xethalis, General Counsel at Multicoin Capital, revealed the key talks at present by way of X: “CBOE BZX, the NYSE and NASDAQ at present filed amendments to their Commodity-Based Trust Shares ETP Generic Listing Standards.
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 forestalls unintentional sweep-in of devices like interest-rate indexes or currencies underneath the Commodity Exchange 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 take a look at 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 Market 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 Applications In The Queue
Against 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 printed within the Federal Register on February 25, 2025, with proceedings instituted on May 29 and the interval for motion prolonged once more on August 21; underneath Exchange Act timing, the 240-day exterior date from publication lands on October 23, 2025.
On NYSE Arca, Grayscale XRP Trust (SR-NYSEArca-2025-08) hit the Register February 20, 2025; the SEC famous the one hundred and eightieth day as August 19—inserting the 240-day exterior date on October 18, 2025. Cboe BZX’s Canary XRP Trust 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 printed May 19, 2025, implying an outdoor date of January 14, 2026. Grayscale’s Dogecoin Trust 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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