NYSE Posts Listings for Solana and Litecoin ETFs Despite SEC Shutdown

ETF Launches Move Forward Without SEC Oversight

Canary Capital said it will launch the first U.S. platform-traded products tied to Litecoin and Hedera on Tuesday, even as the U.S. government shutdown stalls most operations at the Securities and platform Commission. The firm’s founder and chief executive, Steven McClurg, told Reuters the products had already cleared internal compliance checks before the shutdown halted regular SEC functions.

Bitwise Asset Management also confirmed plans to list its new Solana ETF the identical day. Both launches come as the posts listing notices for four new spot cryptocurrency funds, signaling that trading could begin as ahead as Tuesday.

“We’ve had several interactions with the SEC over the last year,” McClurg said. “We were very much ready to go before the shutdown.”

Investor Takeaway

Testing the New Approval Framework

The funds are the first to launch under a streamlined approval system approved by SEC commissioners in mid-September. That vote allowed national securities platforms to adopt generic listing standards for cryptocurrency and commodity platform-traded products, removing the need for product-specific scrutiny that previously delayed issuers for months.

Under the new rules, asset managers can list spot crypto ETFs as long as they meet certain criteria related to custody, pricing data, and market surveillance. The move follows the success of spot BTC and ether ETFs launched in 2024, which collectively attracted billions in assets and signaled investor appetite for broader digital asset exposure.

Before the change, each fund required approval by two separate SEC divisions — one reviewing the platform’s rule change and another evaluating the fund’s structure. The new framework aligns with the 2019 ETF rule that streamlined procedures for traditional equity and bond funds.

Government Shutdown and Industry Surprise

The timing caught many in the market off guard. With the SEC operating at minimal capacity during the ongoing government shutdown, issuers had not expected movement on pending applications. But the posting of NYSE listing notices late Monday suggested that platforms and issuers are proceeding under the new rules, effectively bypassing staff-level intervention.

The New York Stock platform listed four spot crypto ETFs in total — including the Canary Capital Litecoin and HBAR Fund, the Bitwise Solana Fund, and the Grayscale Solana Trust, which is expected to debut on Wednesday. These funds follow last year’s approval of and, in some cases, include staking features allowing investors to earn token-based rewards.

SEC officials could not be reached for comment due to the shutdown. A person familiar with the process said platforms appear to be relying on “standing authority” granted by the September vote to move ahead with compliant listings.

Investor Takeaway

Industry Outlook

McClurg said Canary will roll out additional crypto products in the coming weeks rather than launching all at once. “There are a lot of filings we’ve still got out there that we don’t have that level of comfort with,” he told Reuters, suggesting further coordination with regulators will be needed once the shutdown ends.

Analysts at ETF.com said the updated listing framework gives asset managers more room to innovate. “The standardized listings give the whole industry plenty of room,” said Dave Nadig, head of research at the outlet. “It allows issuers to bring new products to market without getting stuck in review cycles.”

Several other firms, including Grayscale and VanEck, are also preparing new filings for token-linked ETFs as investors look to diversify beyond major cryptocurrencies. The next wave of approvals could include funds tied to Cardano, Avalanche, and Polkadot, depending on market demand and liquidity.

While the SEC’s leadership has encouraged greater consistency in crypto oversight, its reduced staffing levels have sluggished formal communications. For now, the new rules have effectively empowered platforms to bring compliant products to market even in the absence of routine agency operations.

The first day of trading for the new ETFs will serve as a test of both investor demand and the durability of the SEC’s new regulatory shortcut.