The ETFs became effective automatically after 20 days, bypassing the need for SEC staff approval.
Crypto markets are gearing up for a wave of new ETF listings. Spot funds tracking Solana, Litecoin, and Hedera are set to begin trading on major exchanges.
The launches come despite an ongoing government shutdown that has left parts of the U.S. financial system frozen. Yet, legal filings allowed the ETFs to move forward without direct approval. The stage is now set for the next chapter in the spot crypto ETF story.
According to Fox Business journalist Eleanor Terrett, Canary Funds’ spot Hedera (HBAR) and Litecoin (LTC) ETFs have gone effective and will start trading on NASDAQ. CEO Steven McClurg said the firm is prepared for launch and views the listings as the next step after Ethereum ETFs.
Eric Balchunas of Bloomberg confirmed that the NYSE has also posted listing notices for Bitwise’s Solana ETF and Grayscale’s GSOL conversion. The Bitwise Solana ETF will launch tomorrow, while Grayscale’s version converts a day later.
Both are expected to begin trading with high investor interest as Solana’s price continues to attract attention in the market.
The approvals arrive through a technical but lawful route. Terrett explained that issuers included language in their S-1 filings allowing them to become effective automatically after 20 days. This means the ETFs could legally go live without the SEC manually approving them, even while operations are halted.
Market analysts described this as an unusual but legitimate move that uses existing rules to bypass administrative delays. Exchanges certified all required 8-A filings, completing the process for shares to be listed and traded publicly.
Terrett pointed out that the automatic activation of S-1 filings under the Securities Act of 1933 made this possible. Normally, the SEC would review and approve such filings, but the law allows them to go effective after the set period if not delayed by the issuer.
The 8-A filings, registered under the Securities Exchange Act of 1934, officially clear ETFs for exchange trading. This dual process ensures ETFs meet both securities and trading registration requirements.
Once the NYSE and NASDAQ certified these documents, it removed the final roadblock to launch.
For investors, the timing could not be more interesting. The ETFs are launching during one of the most uncertain periods for U.S. regulators. Yet, the legal structure around registration filings has given issuers the room to operate independently of direct SEC action.
Both McClurg and Balchunas hinted that unless an unforeseen intervention occurs, trading will begin as planned. For many in the crypto community, this marks a moment where market structure and regulation intersect to move the ETF wave forward.
