SEC Asks Crypto Issuers to Withdraw ETF Applications: Here’s Why

The U.S. Securities and Exchange Commission (SEC) has requested that intending crypto ETF issuers withdraw their 19b-4 applications. This new directive comes as the Generic Listing Standard gains approval. Former Fox Business reporter Eleanor Terrett revealed the update via an X social media post on Monday.  

🚨SCOOP: The @SECGov has asked issuers of $LTC, $XRP, $SOL, $ADA, and $DOGE ETFs to withdraw their 19b-4 filings following the approval of the generic listing standards, which replace the need for those filings. Am told withdrawals could start happening as soon as this week.

— Eleanor Terrett (@EleanorTerrett) September 29, 2025

Notably, the agency expects application withdrawals to begin next week. 

Generic Listing Erases 19b-4 Filing

According to Terrett, the agency plans to start with ETFs for LTC, XRP, SOL, ADA, and DOGE. Thus, it has asked issuers with applications linked to these cryptocurrencies to take down their applications. Other filings, including those for BNB and a few other crypto assets, would be withdrawn secondarily. 

Notably, the newly implemented Generic Listing Standard enables major stock exchanges, such as Nasdaq, NYSE Arca, and Cboe BZX, to list crypto ETFs for trading when they meet specific requirements. This eliminates the need for a 19b-4 application for each one. 

In the past, the SEC has occasionally delayed its final decision and extended the evaluation period for reviewing a crypto ETF application. The Generic Listing Standard would limit the chances of such occurrences. 

Shedding extra light on what the 19b-4 withdrawal request means, Terrett added,

“More context for those asking whether withdrawal is a bad thing: the short answer is no. The long answer: When the SEC approved the generic listing standards two weeks ago, it eliminated the need for exchanges to file 19b-4 forms to list individual token ETFs, simplifying and speeding up the process. This move signals that the new process is working as intended.” 

Issuers Submit Updated ETF Applications

Notably, the SEC’s 19b-4 form withdrawal request came a few days after several asset managers, including Franklin Templeton, VanEck, Bitwise, and Fidelity, submitted updated versions of their S-1 filings for spot Solana ETFs to allow staking. 

As explained by Terrett, the S-1 is the only application the SEC needs to make their final decision on any intending ETF. Thus, the market may welcome new ETFs in the coming weeks or months, as the approval process has been simplified. 

In fact, considering when the initial version of these ETF applications was submitted, Bloomberg ETF analyst Nate Geraci has noted that numerous asset managers are eagerly awaiting the SEC’s final decision within two weeks.

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