The crypto market is all set for the arrival of new ETF launches, but one asset is still waiting. According to new reports, Canary Funds’ spot HBAR and Litecoin ETFs are now effective and will begin trading on the NASDAQ tomorrow. Meanwhile, the NYSE has certified 8-A filings for both the Bitwise Solana ETF, set to launch Tuesday, and Grayscale’s Solana Trust (GSOL), which will convert to an ETF the following day.
This marks an expansion of crypto-linked products in the U.S. market. Yet despite nearly 20 pending filings, there is still no approval for an XRP spot ETF, leaving investors asking why the asset continues to face delays while others move ahead.
SEC Guidance May Have Paved the Way
Bloomberg ETF analyst James Seyffart explained that this week’s ETF progress likely stems from new language in a guidance letter from the SEC’s Division of Corporate Finance. The letter, formatted as a Q&A, appears to outline conditions for certain securities offerings, and question number 11 of 22 may have provided a key opening.
Seyffart said that while the section technically refers to IPOs, ETFs are also classified as securities. This may have been enough to give confidence to the legal teams at Canary Funds, Bitwise, Grayscale, NASDAQ, and NYSE to move forward with filings.
Still, the lack of clarity leaves many wondering why XRP’s filings have yet to receive the same approval.
Bill Morgan: “Not Because of the Shutdown”
Attorney Bill Morgan, who has closely followed Ripple’s legal developments, addressed the XRP ETF delay in a chat with Coinpedia. When asked about the issue, he made it clear that the delay has nothing to do with the ongoing government shutdown.
Morgan said, “At least we know now it’s not because of the lockdown given the other approvals today. The reason is not yet public but there seems to always be unexpected delays with XRP.”
He opened up about how this pattern is not new for Ripple or XRP. “Remember the SEC lawsuits. The one against Ripple was the last one to be resolved. The litigation itself lasted four and a half years,” he added.
Ripple’s Legal Chapter Finally Closed
For context, Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission officially ended in August 2025. Both parties jointly filed to close the case, marking the end of a five-year dispute that had weighed on XRP’s market growth.
Following the announcement, XRP’s price surged more than 9 percent in a single day, as investors welcomed the clarity. Ripple executives described the settlement as a turning point that allows the company to fully focus on its payments business and partnerships.
With the lawsuit resolved and other crypto ETFs moving forward, many in the community expected XRP’s spot ETF to follow quickly. That has not happened yet, and the SEC has given no timeline or explanation.
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