There is a lot of pressure to create exchange-traded funds (ETFs) that are linked to more than just Bitcoin and Ethereum. However, recent regulatory issues mean that investors may have to wait longer. Many people thought that altcoins like Solana (SOL), Dogecoin (DOGE), and others would get U.S. ETF approvals this fall, but a partial U.S. government shutdown has messed up the schedule.
A surge of filings and hope
In the past few months, asset managers have submitted dozens of ETF proposals that are linked to altcoins. One tracker says that the U.S. Securities and Exchange Commission (SEC) is currently looking at more than 155 crypto ETF filings. By 2025, the total is expected to be more than 200.
Solana is in the lead with 23 separate filings, followed closely by tokens like XRP, Dogecoin, and others.
Also, analysts think that major altcoins have a good chance of getting approved: Solana and XRP have a ~95% chance of getting spot ETF green lights this year if things go well.
But there are still problems, and the shutdown makes them worse.
The road is still very bumpy, even though the rules are moving forward. The SEC recently asked issuers to take back some Form 19b-4 filings (the older rule-change route) for SOL, XRP, Dogecoin, ADA, and LTC ETFs. This is a formal step toward moving to newer “generic listing standards.”
The SEC is now working with very few staff members because the U.S. government is partially shut down. That has reportedly stopped the active review and approval of pending crypto ETF applications, even for altcoins.
This means that even filings that were supposed to get decisions in October may have to wait an unknown amount of time. Even though the basic approval framework may be ready, regulators might not have the time to finish reviews until normal government business starts up again.
Related:Impact of the First US Dogecoin ETF on Crypto Adoption
What this means for ETFs that hold altcoins
For both retail and institutional investors, these delays mean:
Access delayed: If you wanted to buy an altcoin-based ETF in the U.S. soon, you’ll have to wait.
Possible effects on the market: Approvals of ETFs often cause prices to move; delays may lessen that effect.
Different parts of the world are moving forward. Hong Kong, for instance, has approved a Solana spot ETF for its own market.
This might put more pressure on U.S. regulators, but it also shows that international options are moving faster.
Change in structure: The switch to generic listing standards could speed up the process when approvals start again. But for now, the list is getting longer.
Altcoin ETFs could still launch this year, but only if the regulatory bottleneck gets fixed quickly. Analysts are still cautiously optimistic because the underlying filings are strong and the SEC has said that these are important assets.
But the shutdown means we might have to change our expectations. Instead of a wave of approvals in October, decisions might not come until late 2025 or even early 2026. The momentum may be low until the backlog is cleared.
Final word
There is a real desire to include altcoins like Solana and Dogecoin in regulated ETF wrappers, and the architecture seems to be coming together. But for now, the U.S. regulatory machine has stopped. That means investors need to be patient. When the approvals do come, they could open up a new phase of institutional access to the crypto markets. For now, though, the gate is still closed.
