REX Shares and Osprey Funds have submitted 21 individual crypto ETF applications to the U.S. Securities and Exchange Commission (SEC). The filings include large tokens such as Cardano (ADA), Stellar (XLM), Sui (SUI), and Hype (HYPE). Unlike spot products, many of these filings use staking mechanisms. Not only would they be able to monitor the token price performance, but they would also have the opportunity to receive rewards from staked assets. Tokens such as ADA, AVAX, DOT, NEAR, SEI, SUI, TAO, and HYPE are staked. The decision follows the success of REX-Osprey’s Solana staking ETF, which recently saw strong performance and inspired broader multi-coin filings. The filings also bring Cayman Islands subsidiaries under U.S. regulatory and tax requirements. These offshore entities allow managers to continue to be exposed to digital assets while retaining regulated investment company status. Beyond US markets, the documents hint that up to 40% of assets may be invested in foreign-listed ETPs, such as those offered by 21Shares, CoinShares and Valour. SEC approval process The timing of the filings comes as the SEC recently got new listing standards for commodity-based trust shares clear. That adjustment significantly cuts the amount of time required for ETF applications to enter the market by eliminating the more complex process of 19b-4. Dozens of crypto-related filings could now go to trading status far more quickly than under the old rules. However, good progress is not always assured. Following the shutdown of the U.S. government due to Congress’s inability to agree on a budget, the SEC is running at reduced staffing levels. Without clear direction from SEC leadership, ETF approvals are unlikely to move forward until the government reopens. The delay may affect the new REX-Osprey products that are being filed and other applications that are approaching important deadlines. October deadlines put pressure on SEC October 2025 is set to be a crucial month for crypto markets. The SEC has final deadlines on 16 ETF applications, including several related to altcoins other than Bitcoin and Ether. Proposals for Solana, XRP and Litecoin showcase how the market is progressing towards more inclusive digital asset coverage. On September 17, the SEC voted to approve a new set of “generic listing standards” for exchange-traded products that are linked to spot commodities, including cryptocurrencies. Analysts see the development as a major step that could expedite ETF approvals. By eliminating the requirement for case-by-case adjustments to the rules, the standards are expected to help accelerate integration of crypto into mainstream financial products. Industry players note the shutdown is similar to other shutdowns in the past, such as a 2018 shutdown that lasted more than a month. The lack of regulatory movement in that period is a precedent for stalled ETF launches, despite demand from investors. If you're reading this, you’re already ahead. Stay there with our newsletter .
