Say goodbye to the long wait - crypto ETFs enter the "highway"

Author: Tristero Research; Compiler: Plain Language Blockchain

In September 2025, the U.S. crypto market suddenly changed. For years, launching a new fund meant navigating a 240-day regulatory purgatory. Each product was a customized battle with the U.S. Securities and Exchange Commission (SEC). Then, with a single vote, the SEC replaced the old rulebook with a stopwatch.

By approving universal listing standards for commodity trust shares, the SEC has paved a fast track for crypto trading platform traded products (ETPs). What used to take eight months now takes only two. The result: a deadline traffic jam, with more than a dozen alternative token ETFs, from Solana to Dogecoin, all queued up for a decision within the same narrow window. Welcome to ETF Month. The New Rules of the Game Previously, crypto ETFs required a "19b-4" rule change—each a custom request. The new system eliminates that step for assets that pass a clear, rules-based test. The "golden ticket"—the financial world's "TSA PreCheck"—is a futures market regulated by the U.S. Commodity Futures Trading Commission (CFTC) with at least six months of trading history.

This test has created a de facto cryptocurrency caste system:

• The first tier: Bitcoin and Ethereum, which already have spot ETFs that are making a splash.

• The second tier: assets like Solana, XRP, and Cardano, which have futures markets that have unlocked the fast lane.

• The third tier: everything else, which remains stuck in the slow lane.

This is a shift from “regulation through enforcement” to “regulation through infrastructure.” The SEC no longer debates a currency’s utility, but rather asks: Is it traded in a mature, regulated market?

October Schedule

The new regulations have spawned a packed October schedule:

• October 10: Grayscale Trust conversion (Solana, Litecoin).

• October 16: Spot Solana ETF decision (21Shares, Bitwise).

• October 18–25: XRP ETF approvals expected, with at least one almost certain to get the green light. Also in the queue are: Cardano (Grayscale's GADA), Dogecoin, Avalanche, and Hedera.

Global Competition

The United States is not the only country opening up its crypto market; this is a global race.

Europe: 21Shares and CoinShares already offer basket products and alternative token ETPs (Switzerland since 2018). Hong Kong: Structurally an innovator, allowing “in-kind” subscriptions and redemptions (trading ETF shares with actual cryptocurrencies). The United States initially banned this approach, but in July 2025 allowed in-kind subscriptions and redemptions for Bitcoin and Ethereum, marking a convergence. The United States: It is currently leveraging its scale advantages, but has established barriers to entry through regulated futures markets. Potential Risks This sudden expansion presents both opportunities and risks. The launch of a Bitcoin ETF is a prime example of a rising tide lifting all boats. However, dozens of alternative token ETFs could fragment capital flows, with the majority of capital concentrated in the cheapest and most branded products. Smaller issuers risk being marginalized. Liquidity Pressure: ETF liquidity ultimately relies on the underlying spot market. For smaller alternative tokens, a surge in redemptions during a market downturn can put pressure on market makers, causing the ETF's trading price to deviate from its net asset value. The Great Catch: ETP qualification is rapidly becoming a hallmark of legitimacy. "Blue-chip" cryptocurrencies with futures markets attract institutional capital, while thousands of other cryptocurrencies are shut out. This widens the gap between investable mainstream cryptocurrencies and speculative, long-tail assets. Conclusion: The Beginning of a New Era: October 2025 is a direct result of a regulatory shift that compresses years of product development into a matter of weeks. ETF Month is the first proof of concept for a new issuance mechanism. The US crypto market has graduated from the Bitcoin/Ethereum era into a broader, more complex, and more accessible ecosystem. The floodgates have opened—and the scramble for capital, liquidity, and legitimacy has only just begun.