In the United States, active preparations are underway for the launch of new exchange-traded funds focused on cryptocurrencies, including Solana and XRP, in November 2025. Following a forced government shutdown that paralyzed the operations of the U.S. Securities and Exchange Commission (SEC), the approval of several cryptocurrency ETFs has been postponed. However, issuers are finding new ways to launch products using legislative mechanisms that allow funds to be launched without active approval from the SEC.
This is reported by Finway
ETF Launch Even Without SEC Resumption
Instead of the anticipated October, November may become a key month for the debut of new crypto ETFs. Several companies have already submitted updated S-1 forms with the note “without delay amendments,” which allows for automatic effectiveness in 20 days if the SEC does not raise objections. Thanks to this approach, four new funds have appeared on the exchange: two from Canary Capital, one from Bitwise, and one from Grayscale, even amid the government shutdown.
On October 28, 2025, three spot crypto funds based on Solana (BSOL), Litecoin (LTCC), and Hedera (HBR) debuted in the market with a total daily trading volume of nearly $68 million. According to Bloomberg Intelligence analyst Eric Balchunas, the BSOL fund has become the most successful new product this year.
New Applications and November Prospects
In response to market demand, Fidelity has updated its application for a spot Solana ETF, while Canary Capital has done the same for an XRP ETF. If the SEC does not intervene, the first XRP-based ETF could hit the market as early as November 13, 2025. At the same time, not all issuers are equally prepared for launch, as some have yet to receive feedback from the regulator regarding their applications.
“We may see the launch of several funds as early as next month — even if the government does not resume operations. But there are projects that still have not received any feedback from the SEC regarding their S-1 prospectuses. Without this, they are unlikely to be able to launch.”
According to James Seyffart from Bloomberg Intelligence, some ETFs could very well start in November, while others are forced to wait for the government to resume operations to receive the necessary decisions from the SEC.
The situation regarding the launch of cryptocurrency ETFs in the U.S. marks a transition to a new stage of market development, where companies operate within procedural norms, allowing them to promote products even amid regulatory delays. Grayscale experts predict that spot Solana ETFs could accumulate over 5% of the total asset supply, despite increasing competition among issuers. Analysts also believe that by the end of 2026, the number of applications for cryptocurrency ETFs could exceed 200.