With the landmark approvals of spot Bitcoin and Ethereum ETFs now in the rearview, crypto investors are shifting focus to the next potential exchange-traded products: XRP, Solana (SOL), and Cardano (ADA).
These altcoins, among the most widely held and actively traded, are gaining attention from analysts and fund managers anticipating a broader wave of crypto-based financial products.
Could XRP, Solana, and Cardano ETFs Be Approved Next?
Analysts believe the groundwork is being laid. While no formal applications have yet been approved by the U.S. Securities and Exchange Commission (SEC), interest is rapidly growing, and regulatory shifts in tone suggest the conversation is moving forward.
Crypto legal expert Bill Hughes said the SEC’s approvals of Bitcoin and Ethereum ETFs create a clear legal framework that could be extended to other major blockchains. Still, each altcoin faces its own unique regulatory and legal challenges:
- XRP: Despite Ripple’s partial legal win over the SEC in 2023, XRP’s status remains controversial. However, its high liquidity and real-world payment utility give it a strong case.
- Solana (SOL): SOL has surged in institutional popularity due to its speed, scalability, and developer activity, but faces classification hurdles from past SEC language labeling it a security.
- Cardano (ADA): ADA’s robust network and long-term roadmap make it a candidate, but like SOL, regulatory classification remains a sticking point.
What’s Standing in the Way?
The biggest barrier to approval of spot ETFs for these altcoins remains regulatory uncertainty. The SEC has not explicitly stated whether XRP, Solana, or Cardano are securities or commodities—a critical distinction that affects whether spot ETFs could even be considered.
Former SEC chair Jay Clayton previously warned that non-Bitcoin cryptocurrencies might fall under securities laws. However, recent political shifts and growing institutional interest in tokenized assets could accelerate clarity in 2025.
Timing: When Could These ETFs Realistically Launch?
While timelines are speculative, several industry insiders point to late 2025 or early 2026 as the earliest realistic window for spot ETF approvals beyond Ethereum.
Factors that could influence timing include:
- Upcoming 2025 elections and potential changes in SEC leadership
- Court decisions regarding ongoing crypto litigation
- Growing pressure from institutional investors for access to broader crypto assets
Why Investors Are Watching Closely
The approval of spot XRP, SOL, and ADA ETFs would mark another milestone in crypto’s maturation as an asset class. These ETFs would:
- Increase mainstream adoption by providing easy exposure through brokerage accounts
- Boost liquidity and demand for each token
- Potentially lead to significant price rallies on approval speculation alone
According to Galaxy Digital CEO Mike Novogratz, “The appetite for crypto ETFs is just beginning. Altcoin exposure through ETFs is the logical next step.”
Bottom Line
As the digital asset space evolves, XRP, Solana, and Cardano are increasingly being viewed as serious contenders for future spot ETF approval. While hurdles remain, the momentum from Bitcoin and Ethereum’s success may soon open the door for altcoins to follow suit.
Stay tuned—what was once unthinkable in crypto markets may now be just a matter of time.