As Q2 2025 unfolds, a regulatory ripple is coursing through the crypto landscape: the U.S. Securities and Exchange Commission (SEC) is currently reviewing 72 altcoin-based ETF filings. At the heart of this surge are two powerhouses—XRP and Solana—each emerging as leading candidates in what may become a transformative phase for digital asset investment products.
XRP and Solana Dominate Institutional Interest
According to crypto market analyst MartyParty, XRP has been featured in 10 separate ETF proposals submitted before mid-April, while Solana follows closely with five. This positions the two altcoins as frontrunners in a race driven by growing institutional demand and increasing retail curiosity. Notably, the renewed institutional enthusiasm surrounding XRP reflects a broader sentiment shift, especially after its prolonged legal skirmishes with the SEC.
Other veteran cryptocurrencies like Litecoin and Dogecoin have also made the list with three ETF applications each, underscoring a widening net of interest among traditional financial players seeking regulated exposure to digital assets.
A Regulatory Shift Under New SEC Leadership
The changing tides at the SEC may also be fueling this altcoin ETF wave. New SEC Chairman Paul Atkins, who assumed office earlier this year, is known for his deregulatory stance and support for innovation in financial markets. While the SEC has only approved spot ETFs for Bitcoin and Ethereum so far, Atkins’ administration is hinting at a more progressive approach toward altcoins.
This could pave the way not only for mainstream assets like Solana and XRP but also for niche tokens and meme-coins. One notable example is Turtle Capital, a Cayman Islands-based investment firm that has filed 10 leveraged ETF applications, including the much-debated Melania Trump Token ETF. This convergence of speculative narratives with structured financial instruments signals a new phase where crypto hype and institutional legitimacy intersect.
Growing Momentum Among Retail and Institutional Players
Beyond the regulatory desks, market data shows increasing momentum among both retail and institutional investors. The sheer number of new ETF applications reveals a critical insight: despite an often uncertain regulatory climate, confidence in crypto as a viable asset class continues to rise.
ETF approvals for XRP and Solana could act as a spark, potentially igniting a broader altcoin season. Their success might set a precedent, encouraging similar filings and accelerating capital inflows into the crypto sector.
What Comes Next?
As we await decisions from the SEC, the crypto market stands at a crossroads. If even a fraction of these 72 ETF applications receive approval, it could dramatically reshape the investment landscape. XRP and Solana’s leading roles in this unfolding narrative hint at a deeper evolution: one where digital assets are no longer on the fringes but firmly embedded within the future of mainstream finance.
The Bit Journal will continue monitoring these developments closely, providing insights as this critical chapter in crypto regulation unfolds.
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References & Sources
U.S. Securities and Exchange Commission (sec.gov)
Bloomberg Crypto (bloomberg.com/crypto)
CoinDesk Market News (coindesk.com)
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