The Historical Turning Point of Cryptocurrency ETF Approval Dates in October 2024: Market Turmoil Caused by SEC Regulation Overhaul

With the groundbreaking regulatory overhaul by the U.S. Securities and Exchange Commission( SEC), October 2024 has become a pivotal month focused on the approval dates for cryptocurrency ETFs. As the SEC approved a new standard that shifts from “case-by-case review” to “standard authorization,” the approval process for spot ETFs of the five major cryptocurrencies—XRP, SOL, LTC, ADA, DOGE—has fundamentally changed. This is not merely an administrative change but a turning point that accelerates the mainstream financialization of cryptocurrencies and has driven large-scale institutional capital inflows.

SEC Regulatory Overhaul: Transition to Standard Authorization and Its Market Significance

On September 7, 2024, the U.S. Securities and Exchange Commission( SEC) officially approved a regulatory amendment introducing universal listing standards for product trust units( CBTS) proposed by exchanges including Nasdaq, Chicago Options Exchange( CBOE), CBZX, and New York Stock Exchange( NYSE) Arca. The core of this regulatory change was to move away from the cumbersome individual review process and to standardize and streamline listing procedures for assets meeting certain criteria.

The SEC Chair explicitly stated that this regulatory shift would change the regulation of digital asset ETPs from “prudent case-by-case review” to a “standardized and efficient approach.” This reflects an intent to maximize investor choice and promote innovation in the cryptocurrency market. The new regulation outlined three main listing pathways: first, trading on a member market of the ISG( Intermarket Surveillance Group) with a surveillance sharing agreement; second, listing on a CFTC-regulated market for at least six months with a surveillance sharing agreement; third, existing ETFs already listed on U.S. exchanges with over 40% of assets allocated to the respective product.

Expiration of Decision Dates and Withdrawal of 19b-4 Applications: The Beginning of New ETF Approval Schedules

On September 29, 2024, the SEC formally requested issuers of spot ETFs related to Litecoin( LTC), XRP, Solana( SOL), Cardano( ADA), and Dogecoin( DOGE) to withdraw their 19b-4 applications. This decision was not merely a rejection but signaled a reapplication under new standards. With the withdrawal of the previous 19b-4 applications, the original decision date( the deadline for SEC to make a final ruling on the filings) is no longer valid.

However, this change was widely viewed as positive. ETF issuers could simply submit or adjust their S-1 filings under the new general rules, and many industry experts anticipated that approval speeds would “become very fast,” referencing previous Bitcoin and Ethereum ETF cases. In fact, there was a case where an Ethereum ETF moved from withdrawal to approval in just a few weeks. As a result, the new ETF approval dates were broadly expected to concentrate in October 2024.

Cryptocurrency journalist Eleanor Tretet analyzed, “As long as the tokens meet existing standards, the SEC can approve a cryptocurrency ETF at any time through S-1 filings,” indicating flexibility in approval dates. However, Bloomberg ETF analyst James Seipal cautioned that “the situation could become complicated with the potential for government shutdown amid uncertainty.”

Analysis of the 2024 October ETF Approval Outlook for the 5 Major Cryptocurrencies

XRP ETF: Over 95% Approval Likelihood and Removal of Regulatory Barriers

The most anticipated ETF approval target in October 2024 was XRP. Seven institutions, including Bitwise( Bitwise), 21Shares, Canary( Canary), and Grayscale( Grayscale), submitted applications for XRP ETFs. The XRP spot ETF application was first filed in January 2025, with the SEC reviewing comments after Ripple’s lawsuit was resolved in July 2024.

XRP’s biggest strength was the maturity of its futures market. XRP futures have been traded on CME( Chicago Mercantile Exchange) for over a year, meeting new regulatory requirements. Bloomberg analysts James Seipal and Eric Balchunas rated the likelihood of XRP spot ETF approval at over 95%, interpreting this as a “clear green light” from the SEC. Additionally, XRP being recognized as a commodity by regulators significantly lowered the barriers for ETF application.

SOL ETF: Upward Revision to 100% Approval Expectation

The Solana( SOL) spot ETF was one of the most popular applications in October 2024. Seven major firms, including VanEck, 21Shares, Bitwise( Bitwise), Franklin Templeton( Franklin Templeton), participated. On September 27, 2024, asset managers including Fidelity, Franklin Templeton, CoinShares( CoinShares), Bitwise, Grayscale, Canary Capital, and VanEck submitted the latest version of their S-1 forms to the SEC.

These filings focused on details of staking operations for the Solana ETF. After the SEC ordered the withdrawal of the 19b-4 filings, Bloomberg ETF analyst Eric Balchunas revised the approval probability for the SOL ETF from 95% to 100%. He emphasized, “With the introduction of universal listing standards, only S-1 remains, and the SOL ETF could be approved at any time.”

However, a notable point was that BlackRock( BlackRock), the largest issuer of Bitcoin and Ethereum ETFs, had not yet submitted an application for a Solana ETF. This was interpreted as a cautious stance regarding regulatory risks.

LTC ETF: Potential for Approval Due to Long-Term Stability and Technical Similarity

Litecoin( LTC) has been one of the longest-traded assets in the crypto market since its launch in 2011. It maintained high security and decentralization, and its technology was well-verified. Three applications were ongoing, including Canary( Canary) Litecoin ETF, Grayscale( Grayscale) Litecoin Trust ETF, and CoinShares( CoinShares) Litecoin ETF.

LTC’s main advantage was its similar technical architecture to Bitcoin, which facilitated regulatory review. Unlike XRP or SOL, LTC has not been classified as a security by the SEC and is closer to a commodity like Bitcoin, significantly lowering regulatory barriers. Therefore, LTC was also highly likely to be approved among the early-stage crypto ETFs in October 2024.

ADA ETF: Historic Significance as the First ETF for Non-Ethereum PoS Platforms

Grayscale’s Cardano( ADA) Trust pushed for conversion into an ETF. The S-1 was filed in August 2024, with the previous decision date set for October 26. Cardano was regarded as a project with academic backing and sustainability.

If approved, the Cardano spot ETF would mark the first approval of a PoS( Proof of Stake) platform based on non-Ethereum technology. The approval likelihood increased further after Grayscale’s GDLC( Digital Large Cap Fund), which includes Cardano, was approved on July 1, 2024.

DOGE ETF: The First Meme Coin Spot ETF and Its Historic Significance

Three institutions, including Bitwise( Bitwise), Grayscale( Grayscale), and 21Shares( 21Shares), applied for a DOGE ETF. The SEC was expected to make a decision by October 12, 2024. Approval of a DOGE spot ETF would be historically significant as the first meme coin spot ETF.

October 2024 ETF Approval Dates and Accelerating Institutional Capital Inflows

The determination of ETF approval dates in October 2024 signified more than regulatory approval; it represented a fundamental shift in the structure of the cryptocurrency market. It directly impacted the scale and speed of institutional capital inflows.

Following the approval of Bitcoin spot ETFs early in 2024, the crypto industry attracted over $100 billion in institutional funds. During the same period, Bitcoin’s price surged from $60,000 to over $113,500. This demonstrated the role of ETFs as a “capital bridge.” At that time, the SEC was reviewing 92 applications for cryptocurrency spot ETFs, including about 69 covering a single asset across 24 cryptocurrencies.

As the new ETF approval dates in October materialize, more institutional capital is expected to flow into the crypto market. Approval of applications from major asset managers like Grayscale, VanEck, and Bitwise would significantly lower barriers for institutional investors to enter the space.

The Mainstream Financialization of Cryptocurrencies and Evolving Regulatory Environment

The arrival of ETF approval dates in October 2024 symbolized the industry’s entry into a mature phase. The shift in regulatory stance reflected an acknowledgment of cryptocurrencies as mainstream financial products rather than speculative assets.

The introduction of the new standard authorization is expected to accelerate further approvals of spot ETFs for additional cryptocurrencies. The transition from “case-by-case review” to “standard authorization” by the SEC increases predictability and will promote large-scale listings of crypto-based financial products.

Regardless of the outcome, the determination of ETF approval dates in October 2024 marks a clear turning point in crypto history. It has had a profound impact not only on the prices of related cryptocurrencies but also on the scale and speed of institutional capital inflows, serving as a crucial stepping stone for cryptocurrencies to enter mainstream financial markets. These changes are anticipated to reshape the ecosystem of the crypto industry long-term, beyond short-term investment performance.