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

Oregon’s Attorney General (AG) has filed a motion to keep the lawsuit against Coinbase in state court, following the crypto exchange’s efforts to move the litigation to federal court. Oregon Says Coinbase Case Must Stay In State Courts On July 2, Oregon’s Attorney General, Dan Rayfield, filed a motion to remand its lawsuit against Coinbase back to the Circuit Court of the State of Oregon for Multnomah County. The motion follows the crypto exchange’s attempt to move the case to federal court. In early June, Coinbase filed a notice of removal, seeking to take the action from the Oregon courts to federal court, arguing that the case raises a federal question. The exchange argues that Oregon’s state law (OSL) claims “arise under” the federal law because the state’s courts use the federal Securities Act of 1993, and the federal Howey Test, for guidance to define what constitutes an “investment contract.” However, Oregon’s motion explains that “almost 50 years ago, the Supreme Court of Oregon, sitting en banc, broke stride with Howey in its interpretation of an ‘investment contract’ under the OSL, deciding the term should be ‘modified’ to encompass a broader range of investment schemes. Pratt v. Kross, 276, Or. 483, 497 (1976).” Since then, Oregon courts have followed the Pratt Test, which applies a broader definition of investment contract. The AG noted that “because Oregon does not strictly follow the Howey test, the State’s claims here do not turn on the Howey test.” The motion claims that the lawsuit isn’t a “regulatory land grab,” as Coinbase called it. Instead, it is a “quintessential state law action” that seeks redress on behalf of Oregonians under the state’s law. Therefore, it should be “adjudicated by the state court in which the Attorney General filed it.” Oregon’s ‘Gensler-Era’ Lawsuit On April 18, Oregon’s AG filed a complaint in Multnomah County Circuit Court against Coinbase, alleging the crypto exchange had violated the Oregon securities law by facilitating the sale of unregistered cryptocurrencies to the state’s residents. As reported by Bitcoinist, the lawsuit states that the exchange “has continuously and repeatedly violated the Oregon Securities Law, which ascribes liability to persons ´who [s]ell[] or successfully solicit[] the sale of a security … in violation of the Oregon Securities Law’ (ORS 59.115(1)(a)), as well as to persons who ‘participate[] or materially aid[] in the sale’ (ORS 59.115(3)).” Following the news, Coinbase’s CLO, Paul Grewal, affirmed that Rayfield is “literally picking up where the Gary Gensler SEC left off,” adding that the lawsuit is a “copycat case” attempting to “resurrect” the Securities and Exchange Commission’s (SEC) long-criticized regulatory approach under the previous administration. The SEC sued Coinbase in June 2023, affirming that the platform operated as an unregistered broker-dealer and illegally sold unregistered securities through its staking program. However, the lawsuit was dismissed in February 2025 following the establishment of the agency’s Crypto Task Force. Oregon’s lawsuit now claims that Coinbase sold high-risk investments without properly vetting to protect consumers, which has caused significant losses for Oregonians. Notably, the case covers significantly more tokens than the SEC originally named in its case, which listed 13 tokens. The lawsuit claims that the crypto exchange offered and sold 31 cryptocurrencies as investment contracts. In a Wednesday post, Grewal called out Rayfield for attempting to send his “Gensler-era copycat” lawsuit back to state courts, affirming that it goes against the US’s recent progress developing a clear and unified framework for the industry. In most places, it’s 2025. But the Oregon AG still thinks it’s 2023 with his Gensler-era @secgov copycat suit. Yesterday, he asked the federal court to send the case back to his home state court. This pursuit of a patchwork of state regulation – especially against the historic progress towards a unified federal framework – only helps politicians and harms consumers.

A real-world asset tokenization platform has acquired a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC). In a new thread on the social media platform X, decentralized finance (DeFi) and tokenization project Ondo Finance (ONDO) says it’s acquired the broker-dealer Oasis Pro as a means of bringing regulated tokenized securities to blockchains. “On the 250th birthday of America, we are proud to announce we’re taking the next step in our mission to bring financial markets onchain. Ondo is acquiring Oasis Pro – including its SEC-registered broker-dealer, Alternative Trading System (ATS), and Transfer Agent – laying the groundwork for Ondo to develop a regulated tokenized securities ecosystem for blockchain-based financial products for US investors.” Real-world tokenization enables investors to represent ownership of physical assets, such as stocks or real estate, as tokens on a blockchain, making them easily interchangeable. According to Ondo, Oasis Pro was one of the first ATS protocols – or mechanisms that transfer funds outside the confines of the traditional financial system – approved by regulators for use in the digital assets industry. As stated by Nathan Allman, chief executive of Ondo, in a company blog post, “This unlocks the next major chapter of tokenized finance. This acquisition will empower us to realize our vision of building a robust and accessible tokenized financial system, backed by the strongest regulatory foundations.” ONDO is trading for $0.774 at time of writing, a marginal decrease during the last 24 hours. Follow us on X, Facebook and Telegram
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&nbsp Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post DeFi Real World Assets Tokenizing Platform Ondo Finance Acquires SEC-Regulated Broker Dealer Oasis Pro appeared first on The Daily Hodl.

Grayscale’s proposal to convert its Digital Large Cap Fund (GDLC) into a spot ETF made headway this week after the U.S. Securities and Exchange Commission (SEC) on Tuesday gave the sign-off on an accelerated basis for the listing and trading of the fund on NYSE Arca. However, investors will have to wait longer as its debut has been temporarily delayed. SEC Hits Pause On GDLC Conversion To ETF The SEC put a pause on converting the Grayscale Digital Large Cap Fund LLC a day after agency staff approved the fund to start trading.  “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,” the letter, addressed to the New York Stock Exchange, stated. “In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise.” It can be found here on the SEC website. We have a few theories as to why this happened.

1. The SEC doesn't want to let anything to launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper. pic.twitter.com/WegC5d2Tcj— James Seyffart (@JSeyff) July 2, 2025 Bitcoin comprises around 80% of the fund’s holdings. Roughly 11% of the ETF’s assets would be in Ethereum, while Solana accounts for approximately 2.8% of the fund, Ripple’s XRP commands over 4.8%, and Cardano (ADA) has a weighting of 0.8% in the fund. The SEC told NYSE that it would let it know “of any pertinent action taken by the Commission.” Bloomberg ETF analyst James Seyffart suggested the delay may be tied to the SEC’s ongoing efforts to create an internal framework for issuing crypto exchange-traded products. The SEC doesn’t want to let anything launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper,” Seyffart noted. Bloomberg’s senior ETF analyst Eric Balchunas concurred with this observation. 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 While the SEC greenlighted Bitcoin and Ethereum spot ETFs, it has yet to give the nod to other altcoin spot products, including those tracking the price of Solana, XRP, and Cardano. The Bloomberg analysts are confident the regulator will approve such crypto products by year-end, though.

The SEC delivered sweeping guidance for crypto ETP issuers, outlining strict disclosure standards that could fast-track compliant offerings and expand institutional access to digital assets. SEC Clarifies Rules for Crypto ETPs Under Securities Acts The U.S. Securities and Exchange Commission (SEC) issued a detailed statement on July 1 clarifying how issuers of crypto asset exchange-traded […]

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

The U.S. Securities and Exchange Commission has finally given crypto ETF issuers something they’ve been asking for: clarity. On July 1, the SEC’s Division of Corporation Finance dropped a detailed guide outlining what applicants need to include in their filings if they want any shot at getting a cryptocurrency ETF approved. The crypto ETF guidance comes at a time when interest in Ethereum-based products is continuously rising. It’s not exactly light reading, but it’s a serious step forward for firms hoping to launch funds tied to digital assets like Ethereum or token baskets. Rather than keep issuers guessing, the SEC is laying it all out, from valuation to custody to who’s checking the math behind the scenes. The Fine Print The new instructions make it clear that the SEC expects full transparency. Under the crypto ETF guidance, issuers need to explain how they calculate net asset values, where price data comes from, and how the crypto itself is stored.  If a fund sponsor or a connected firm plays multiple roles, such as managing the fund and securing the assets, the agency requires them to explain how they’re handling those roles to avoid conflicts. Source: Shutterstock Another important demand is how the fund will handle large movements of capital. If there’s a sudden wave of buying or selling, the application has to show how that liquidity crunch would be managed. On top of that, the SEC wants assurances that fraud and manipulation won’t fly under the radar. That means surveillance systems need to be strong enough to flag anything unusual, and someone has to be responsible for reviewing that data. DISCOVER: 20+ Next Crypto to Explode in 2025 Why It’s Getting Attention Now This guidance didn’t come out of nowhere. The SEC has already approved spot Bitcoin ETFs, and issuers are now racing to file similar products tied to Ethereum and other assets. As demand rises, the agency is ensuring firms understand what is expected, especially since digital assets still raise concerns about volatility, thin markets, and custody risks. EthereumPriceMarket CapETH$303.86B24h7d30d1yAll time There’s also talk that the SEC may allow some ETFs to skip the traditional exchange listing approval process. If that happens, filings could go through much faster, provided they meet the new requirements. That alone has sparked fresh interest in getting applications right on the first try. DISCOVER: Best New Cryptocurrencies to Invest in 2025 How the Industry Is Responding Firms are already combing through the guidance and cross-checking it against their own filings. Some say the clarity is helpful and long overdue. Others worry that the requirements set the bar too high for smaller players who lack the legal and technical muscle to meet them.  What’s clear is that the early filers will set the tone. The SEC will likely use those applications to refine what it wants to see, so getting it wrong now could mean delays or denials. Most asset managers are quietly working with legal teams and data providers to tighten up their submissions before updates are due. What Comes Next Filings are expected to reflect this new guidance in the weeks ahead. It’s going to be a learning curve, but it could also pave the way for better-structured, safer ETF products. For the SEC, this isn’t just about approving new listings, it’s about making sure the market doesn’t get ahead of the rules. And for the public, that could be a good thing. If fewer crypto ETFs come out as a result of stricter reviews, at least the ones that do launch will be more secure and easier to understand. They’ll have tested systems behind them, clear pricing models, and oversight that makes sense. In other words, fewer surprises and stronger safeguards, all without slowing innovation to a crawl. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

• The SEC released detailed crypto ETF filing guidance, requiring full disclosure on valuation, custody, and surveillance systems.
• Issuers must clarify how they calculate prices, store assets, and avoid conflicts of interest.
• The guidance addresses liquidity risks and demands strong tools to detect fraud and manipulation.
• Large firms have welcomed the clarity, while smaller ones have expressed concern about the resource demands.
• Future filings will need to follow the new standards, aiming to deliver safer, more transparent crypto ETFs.

Bakkt Holdings filed Form S-3 with the US Securities and Exchange Commission on 26 June 2025 to raise up to $1 billion for its ambitious new Bitcoin strategy.  Originally launched in 2018 by Intercontinental Exchange as a pioneer in Bitcoin futures, Bakkt is set to transform into a “pure-play crypto infrastructure company,” according to Bakkt Co-CEO Akshay Naheta.  “In June 2025 we updated our investment policy to enable us to allocate capital into Bitcoin and other digital assets as part of our broader treasury and corporate strategy, subject to market conditions and the anticipated liquidity needs of the business,” the company stated in the filing. “We may acquire Bitcoin or other digital assets using excess.” At the current Bitcoin price of $106,800, a $1 billion investment would allow Bakkt to acquire approximately 9,364 Bitcoin. This would place Bakkt just ahead of Coinbase in terms of public companies holding BTC. Bakkt will now join the ranks of notable institutional holders such as Strategy, Marathon Digital, and Tesla. JUST IN: Bakkt (BKKT), a publicly listed company, plans to raise $1B to invest in #Bitcoin and other digital assets.
BTC is not coming down anytime sooner pic.twitter.com/Vsv3QheOld — TLC (@Cryptex_academy) June 27, 2025 Explore: Top 20 Crypto to Buy in June 2025 “Shelf registration” Allows Bakkt Maximum Flexibility To Capitalize On Bitcoin and Crypto Opportunities Under the terms of the SEC’s “shelf registration,” Bakkt is authorised to issue common stock, preferred stock, debt securities or warrants, giving it maximum flexibility to raise funds in stages as market conditions dictate. This approach will enable Bakkt to capitalize on opportunities in the crypto market without being forced to raise the full $1 billion all at once. Hence, Bakkt’s fresh funds can be used for a variety of purposes, including direct Bitcoin purchases, crypto treasury plans, or other corporate needs. While Bakkt has not yet made any BTC purchases yet, the filing clearly sets the stage for the company to become a major institutional holder of Bitcoin and other digital assets. Explore: 9+ Best High-Risk, High-Reward Crypto to Buy in June 2025 Key Takeaways

Ripple and the U.S. Securities and Exchange Commission have agreed to call it quits on one of the most closely watched legal battles in crypto. Both sides are dropping their appeals, bringing an end to nearly five years of courtroom drama over the status of XRP. Ripple CEO Brad Garlinghouse confirmed the decision publicly, saying the company is finally ready to move on. This decision comes after a series of rulings, negotiations, and attempted settlements that kept the industry guessing for years. While some questions remain unresolved, both Ripple and the SEC seem to have decided that continuing the fight was no longer worth it. How It All Started The SEC first sued Ripple back in December 2020, accusing the company of raising more than $1.3 billion by selling XRP as an unregistered security. Ripple pushed back, arguing that XRP should be treated like a currency, not an investment contract. What followed was a long legal tug-of-war that saw partial wins and losses on both sides. BOOOOOOOOOOOOOOOOOOM!!!@Ripple is dropping its cross appeal, and the SEC is expected to drop their appeal! Congratulations #XRP holders! pic.twitter.com/jGcij0Fa1A — JackTheRippler © (@RippleXrpie) June 27, 2025 In 2023, Judge Analisa Torres ruled that XRP traded on public exchanges did not violate securities laws. However, she also found that Ripple’s institutional sales of XRP did. That ruling set the stage for a complicated round of appeals. Ripple challenged the decision on institutional sales. The SEC, on the other hand, wanted to challenge the ruling that XRP used by retail traders did not fall under securities rules. DISCOVER: 20+ Next Crypto to Explode in 2025 Why They’re Walking Away Now Earlier this month, Ripple and the SEC tried to reach a final resolution. Ripple offered to pay a lower penalty and end the case. But the judge pushed back, saying her previous ruling still stood and neither side could sidestep it. That made it clear that the appeals process would drag on, with no guarantee of a better outcome for either party. XRPPriceMarket CapXRP$129.34B24h7d30d1yAll time In the end, both Ripple and the SEC seem to have decided that enough was enough. By dropping the appeals, they lock in the current court findings and avoid the risk of a higher court reversing any part of the judgment. That means the mixed result from last year will stand: XRP is not a security when sold on exchanges, but it is when sold to institutional investors in the way Ripple originally did it. DISCOVER: 20+ Next Crypto to Explode in 2025 What It Means for the Crypto Market The end of this legal battle removes a major cloud that has been hanging over XRP and, more broadly, over crypto regulation in the United States. For Ripple, it clears the way to focus on growing its payments business and building out the XRP Ledger without the constant distraction of court deadlines and legal fees. Source: Shutterstock For the industry, it may mark a turning point. Regulators and crypto companies have spent the last few years locked in lawsuits over how digital assets should be classified. This case was a key example. With it wrapped up, there may be more room for cooperation or at least a little more clarity about what counts as security. What Comes Next Ripple still faces a fine tied to its past institutional sales, but the appeals are done. From here, the focus shifts to how the company rebuilds momentum and how regulators respond. With Congress debating new legislation and other lawsuits still pending, the XRP case may be over, but the broader conversation about crypto regulation is far from settled. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways