The U.S. SEC plans to overhaul spot crypto ETF applications. Under this framework, institutions will have exposure to some of the best cryptos to buy, including Solana and TRUMP. It took more than a decade for the U.S. Securities and Exchange Commission (SEC) to approve the first batch of spot Bitcoin ETFs. After the Winklevoss Twins submitted their initial application in 2013, the SEC rejected it, citing manipulation risks, a lack of proper monitoring tools, and high crypto volatility. By 2023, pressure was mounting, and eventually, Gary Gensler and the SEC approved nine spot Bitcoin ETFs in early 2024. A few months later, spot Ethereum ETFs were approved without a staking feature. By July 8, 2025, spot Bitcoin and Ethereum ETF issuers in the United States collectively managed over $147 billion worth of shares. Among them, BlackRock is the largest, helping issuers manage billions in ETH- and BTC-backed shares. By July 7, institutions had purchased over $216 million in Bitcoin-backed spot Bitcoin ETF shares. (Source) DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July 2025 SEC Making Changes To Spot Crypto ETF Applications Before this landmark decision in 2024, the SEC typically took months, or even years, to review and approve a spot crypto ETF application. The good news is that this is about to change, opening doors for restricted institutions to get exposure in some of the best cryptos to buy. Reuters notes that the SEC is developing a framework to streamline and accelerate the approval of spot crypto ETF applications in the United States. According to sources, proposed changes will include a simplified single-step registration process. Additionally, new guidelines for crypto ETFs will be introduced. These proposals, if implemented, will be a relief for applicants. Currently, applicants must navigate a cumbersome two-step process. First, they submit the 19b-4 filing, which includes amendments to exchange rules. Then, there is the S-1 registration for the fund itself. This dual process has often led to delays, with issuers facing prolonged uncertainty and complex negotiations with regulators. Under the new framework, crypto ETF applicants will only need to submit a single S-1 filing, allowing the fund to be cleared for listing if the SEC does not object within 75 days. To further simplify the process and provide clarity, the regulator is crafting a common listing standard for crypto ETFs. Most importantly, they will introduce guidelines to address unique crypto-specific complexities, such as staking mechanisms and redemption processes. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Spot Crypto ETF Applications, 99% Chance of SEC Approving Spot Solana ETF in 2025 As of July 8, 2025, there were over 72 crypto ETF filings, with applicants seeking SEC review and potential approval for spot ETFs for SOL ▲1.39%, XRP ▲2.25%, and even some top Solana meme coins like TRUMP. Official TrumpPriceMarket CapTRUMP8$1.73B24h7d30d1yAll time Grayscale, VanEck, and Fidelity are among the spot Solana ETF applicants. Punters on Polymarket have placed a 99% chance of a spot Solana ETF being approved by the end of 2025. (Source)   On July 1, 2025, the REX-Osprey Solana ETF, which permits staking, was launched in the United States. Unlike spot Ethereum ETFs, investors in this spot Solana ETF gain exposure to SOL and the staking rewards. DISCOVER: 8 High-Risk High-Reward Cryptos for 2025 New Crypto ETF Framework By SEC To Boost Capital Inflow

• SEC has already approved spot Bitcoin and Ethereum ETFs 
• Applications go through a two-step process 
• Regulator wants to introduce a new framework that simplifies applications 
• More spot crypto ETF applications expected

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It only took one day for the US Securities and Exchange Commission (SEC) to walk back on an approval given to Grayscale Digital Large Cap Fund (GDLC) to convert to an exchange-traded fund (ETF), inadvertently halting its launch. On 1 July 2025, the SEC shared a letter stating its intention to again review the recent approval granted to GDLC to convert its fund into an ETF. The SEC’s approval of the Grayscale ETF had been welcomed as a landmark development for multi-asset crypto ETFs in the US. For the uninitiated, Grayscale brings a regulatory structure to a product that tracks Bitcoin, Ethereum, and other leading tokens by converting its multi-asset crypto fund. The regulatory body’s initial approval indicated that its authorities were confident in the product’s readiness for the market. Nonetheless, it has decided to invoke Rule 431 of the SEC’s Rules of Practice to review its earlier decision. Breaking news from yesterday and thoughts – Despite initial clearance from the SEC, it recently hit pause on plans to convert Grayscale’s Digital Large Cap Fund into an ETF The temporary pause doesn’t necessarily mean denial, it’ll trigger further review, to assess: Market… https://t.co/apyNUx2D62 — Salazar.eth (@0xSalazar) July 3, 2025 The GDLC fund holds $755 million in Bitcoin, Ethereum, Solana, XRP and Cardano. According to some analysts, the SEC’s agency staff signed off on the approval rather than the commissioners, hence the call back. In its letter addressed to the New York Stock Exchange (NYSE), the SEC said, “This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action.” Additionally, it confirmed, “In accordance with Rule 431(e), the July 1, 2025, order is stayed until the Commission orders otherwise.” Explore: 20+ Next Crypto to Explode in 2025 Altcoin Exposure Draws Rare SEC Review of the Grayscale ETF Application The GDLC fund, launched in 2018, includes a variety of cryptocurrencies, with more than 91% of its holdings invested in Ethereum and Bitcoin. The rest is made up of altcoins such as XRP, Solana and Cardano. Also, the GDLC includes established cryptocurrencies based on their market size and adjusts every quarter to match changes. If approved, the GDLC will become a public ETF that lets investors hold several crypto assets in one place. Historically, such reversals are uncommon. They often signal ongoing internal debates on investor protection, managing regulatory consistency and market stability. Altcoins, posing varying degrees of risk, could have been the trigger for the SEC commissioners to renege on the staff-level approval. The inclusion of assets like XRP and Solana, whose status is still up for debate, may have raised concerns regarding the legal treatment of the underlying tokens and the clarity of disclosure as multi-asset products, such as Grayscale’s, add additional levels of structural and legal complexity, in contrast to single-asset ETFs. Explore: 10+ Crypto Tokens That Can Hit 1000x in 2025 Bloomberg Analyst Thinks SEC is Reassessing Grayscale ETF to Develop Clearer Rules Some analysts, such as Bloomberg’s Eric Balchunas, believe that the SEC is reassessing the Grayscale ETF to develop clearer rules before allowing more complex crypto funds. Baluchnas also speculates that the regulatory body is waiting to set consistent standards for crypto investment products before giving the green signal to GDLC’s ETF. The plot thickens. Upper level of SEC telling $GDLC it can't launch until otherwise notified. Not sure why, no other info than this letter. My guess tho: They want to issue the crypto ETP listing standards before any '33 act spot ETFs hit market with these other coins. So likely… https://t.co/Za7rYk1o0E — Eric Balchunas (@EricBalchunas) July 2, 2025   Explore: Top Solana Meme Coins to Buy in July 2025 Key Takeaways

• The GDLC fund holds $755m in Bitcoin, Ethereum, Solana, XRP and Cardano


• Bitcoin and Ethereum make up more than 91% of the GDLC fund’s portfolio


• Multi-asset products, such as Grayscale’s, add additional levels of structural and legal complexity in contrast to single-asset ETFs

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