{"id":55249,"date":"2025-10-28T13:01:34","date_gmt":"2025-10-28T13:01:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=55249"},"modified":"2025-10-28T13:01:34","modified_gmt":"2025-10-28T13:01:34","slug":"why-solana-not-xrp-just-won-the-spot-etf-race-multicoins-counsel-explains","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=55249","title":{"rendered":"Why Solana, Not XRP, Just Won The Spot ETF Race, Multicoin\u2019s Counsel Explains"},"content":{"rendered":"
\n

The path cleared for Solana to list a spot ETF in the US on Tuesday, while XRP remains on the sidelines, and the decisive factor was not market cap or politics but mechanics. In a late-night breakdown, Multicoin Capital\u2019s general counsel Greg Xethalis mapped the five boxes an issuer must tick to launch during an SEC shutdown\u2014and why Bitwise and Canary were in position to move while (by extension) XRP issuers were not.<\/p>\n

\u201cTo launch, you need: \u201833 Act \u2014 Effective Registration Statement on Form S-1. \u201834 Act \u2014 19b-4 Approval (obviated by CBTS Generic Listing Standards), Trading Rules Letter (obviated by GLS), Filed Registration Statement on Form 8-A. The 5th is an Exchange has to be willing to certify your 8-A and actually let you launch,\u201d he wrote<\/a>, adding, \u201cas a 15-year exotic ETP lawyer, I can tell you this is a little uncharted waters.\u201d<\/p>\n

Here\u2019s Why Solana Is Listing Today And XRP Isn\u2019t<\/h2>\n

The uncharted part is the interplay between Section 8(a) of the 1933 Act\u2014which allows an S-1 to become effective automatically 20 days after filing if the issuer does not include a delaying amendment\u2014and the willingness of exchanges to rely on that auto-effectiveness during a period when the SEC staff is not accelerating registrations.<\/p>\n

He underscored the normal practice: \u201cTo keep an S-1 from going auto-effective, issuers file what\u2019s called a delaying amendment that prevents the S-1 from going auto-effective and allows the SEC to decide when to accelerate effectiveness.\u201d In \u201940 Act ETF land, he added, \u201cthis is the frustrating BXT amendment filing, but in 1933 Act land, you just say \u2018don\u2019t take this effective\u2019.\u201d<\/p>\n

The strategic break came when Bitwise<\/a> flipped that convention. \u201cOn Oct 8, Bitwise was the first to file SOL without a delaying amendment,\u201d Xethalis wrote. \u201cTheir filing was complete with comments all done & an auto-effective date of Oct 27 5PM.\u201d With the statutory timer running, the final uncertainty shifted from law to market practice. \u201cBut then came the waiting game. Would the exchanges list products that were not taken effective through SEC acceleration. This is not a legal question \u2014 these products are fully legally processed \u2014 it\u2019s a question of practice and norms.\u201d<\/p>\n

Exchanges answered with action. \u201cThe NYSE has determined that they are pleased to list Bitwise Staking Solana ETF, and the NASDAQ is doing the same for Canary Litecoin and Canary HBAR,\u201d Xethalis reported. \u201cAs a result, BSOL will trade on NYSE tomorrow and LTCC and HBR will trade on NASDAQ.\u201d<\/p>\n

That single paragraph collapses months of speculation about whether generic listing standards<\/a> truly obviate individualized rule filings for commodity-based digital asset trusts and whether an auto-effective S-1, paired with a Form 8-A, is sufficient to list in the absence of staff acceleration. In Xethalis\u2019s telling, the answer is yes, so long as an exchange is willing to \u201ccertify your 8-A and actually let you launch.\u201d<\/p>\n

The same logic explains why Solana is first across the line while XRP remains in the queue. Xethalis does not cast this as a merits determination on either asset. It is sequencing and completeness. Bitwise\u2019s Solana trust had cleared comments and deliberately avoided a delaying amendment, starting the 20-day clock, then met the \u201934 Act requirements and secured an exchange willing to certify and list.<\/p>\n

Parallel efforts tied to XRP have not hit the same alignment. He notes that \u201cGrayscale Solana<\/a> Trust filed an S-1 that will go effective tomorrow night, but they haven\u2019t yet filed an 8-A and may not be ready to go on Wednesday as they don\u2019t have the 8-A related checks.\u201d<\/p>\n

The point generalizes to XRP: without the Form 8-A and an exchange prepared to certify and post a listing notice, an otherwise effective S-1 remains a necessary but insufficient condition for trading, and without removing the delaying amendment and letting the 20-day clock run on a final, comment-cleared document, there is no auto-effectiveness to begin with.<\/p>\n

Xethalis also clarifies the backdrop that made any of this feasible. In his earlier breakdown he reminded readers that for a host of spot products\u2014he lists Litecoin, Solana, XRP, BCH, AVAX and others\u2014\u201c19b-4 [deadlines] were obviated by [the] CBTS Generic Listing Standards (GLS).\u201d<\/p>\n

That change removes the bespoke rule-change bottleneck that historically governed whether an exchange could list a new commodity-based ETP. It does not negate the rest of the process; it simply moves the gating items to the issuer\u2019s S-1 posture, the 8-A registration of the class, and the exchange\u2019s listing certification under its now-generic standard. In short, once GLS exists, execution becomes a choreography problem. Bitwise and Canary hit their marks first; their products go live first.<\/p>\n

The upshot is that Solana, not XRP, \u201cwon the race\u201d this week because its issuer embraced auto-effectiveness at the right moment, finished the SEC dialogue in time to make the 20-day window meaningful, and had an exchange ready to certify and list. XRP\u2019s status is not foreclosed by policy or politics in Xethalis\u2019s account; it is a matter of the fifth checkmark being in place alongside the others.<\/p>\n

At press time, XRP traded at $2.62.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

The path cleared for Solana to list a spot ETF in the US on Tuesday, while XRP remains on the sidelines, and the decisive factor was not market cap or politics but mechanics. In a late-night breakdown, Multicoin Capital\u2019s general counsel Greg Xethalis mapped the five boxes an issuer must tick to launch during an […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-55249","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/55249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55249"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/55249\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}