The U.S. Securities and Exchange Commission has issued new guidance for exchange-traded products tied to cryptocurrencies, signaling the first step toward approving a range of crypto-related ETFs, including those linked to Solana, XRP, and a meme coin named after former President Donald Trump.
The 12-page document, released last Tuesday, outlines how issuers should disclose unique features of crypto-based ETFs in plain language. This includes custody arrangements and risks in the fast-moving digital asset space. The SEC said it aims to create a clearer framework for approving such products.
The guidance comes as the agency moves to ease regulatory processes for the growing number of crypto ETFs awaiting approval. The SEC has formed a task force to draft new rules, restructured its enforcement team, and paused or dropped several ongoing cases.
The next step is expected to involve a new listing template to replace the 19(b)4 exemption form currently required for each crypto ETF application.
Some firms are already taking action. REX Financial and Osprey Funds launched a new ETF last week giving U.S. investors exposure to Solana.
The product, called the REX-Osprey Sol + Staking ETF, uses an indirect structure by investing in a separate entity that holds Solana and a non-U.S. Solana fund. This approach allows the fund to avoid current U.S. commodity fund rules and offer staking yields.
The ETF attracted $12 million on its first trading day, July 1. REX Financial said it plans to launch a direct Solana ETF once final rules are in place.
More products are expected to follow, but issuers said the next batch of spot crypto ETFs will likely not launch until after the SEC releases its second round of guidance, expected in early autumn.
