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’s general counsel Greg Xethalis mapped the five boxes an issuer must tick to launch during an SEC shutdown—and why Bitwise and Canary were in position to move while (by extension) XRP issuers were not.

“To launch, you need: ‘33 Act — Effective Registration Statement on Form S-1. ‘34 Act — 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,” he wrote, adding, “as a 15-year exotic ETP lawyer, I can tell you this is a little uncharted waters.”

Here’s Why Solana Is Listing Today And XRP Isn’t

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

He underscored the normal practice: “To keep an S-1 from going auto-effective, issuers file what’s called a delaying amendment that prevents the S-1 from going auto-effective and allows the SEC to decide when to accelerate effectiveness.” In ’40 Act ETF land, he added, “this is the frustrating BXT amendment filing, but in 1933 Act land, you just say ‘don’t take this effective’.”

The strategic break came when Bitwise flipped that convention. “On Oct 8, Bitwise was the first to file SOL without a delaying amendment,” Xethalis wrote. “Their filing was complete with comments all done & an auto-effect

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Author: Jake Simmons