Will the SEC Approve More Crypto ETFs in 2026?

The single biggest change in the US crypto regulatory landscape was the departure of SEC Chair Gary Gensler, who aggressively pursued enforcement actions against Coinbase, Binance, Kraken, and Ripple while blocking crypto ETF applications for over a decade. His replacement, appointed by the Trump administration, has publicly stated that clear regulatory frameworks — not enforcement-first approaches — are the path forward. The new SEC leadership has already dropped multiple enforcement actions and established a dedicated crypto taskforce. This structural shift makes ETF approvals a 2026 baseline expectation rather than a stretch goal.

Kaynak: SEC Official Statements

The SEC's primary stated concerns about spot crypto ETF approvals were market manipulation, lack of regulated surveillance-sharing agreements, and investor protection risks. Bitcoin ETFs' 15-month track record has demonstrated none of these concerns materialized. BlackRock's IBIT became the fastest ETF to $10B AUM in history (49 days). The operational framework established for BTC and ETH ETFs — including Coinbase as surveillance-sharing exchange partner — provides a near-identical template for additional crypto ETFs, removing the regulatory novelty argument against approvals.

Kaynak: Bloomberg ETF Research

Solana is widely considered the frontrunner for the next crypto ETF approval. Multiple tier-1 asset managers have filed S-1 applications, and the CFTC has issued Solana futures contracts — a historical precursor to spot ETF approvals. The key legal question is whether SOL is a commodity or security. The new SEC leadership has signaled commodities-first thinking, and Solana's proof-of-history consensus has unique technical characteristics that distinguish it from the token structures the SEC has challenged in court. Bloomberg's ETF analysts give SOL ETF approval a 90%+ probability by end of 2026.

Kaynak: Bloomberg Intelligence ETF Research

XRP ETF applications face a unique complication: the ongoing SEC lawsuit appeal against Ripple Labs. While the district court partially ruled in Ripple's favor in 2023, the SEC's appeal creates lingering securities classification uncertainty. However, the new SEC leadership's likely settlement of the Ripple case — widely anticipated in the crypto legal community — would clear the path for XRP ETF approval. If the lawsuit is dropped or fully settled in 2026, an XRP ETF could be approved within 90 days of the filing's review period conclusion.

Kaynak: CoinDesk Legal

The crypto industry made unprecedented political investments in the 2024 election cycle, supporting pro-crypto candidates across both parties. The resulting Congress includes the most crypto-friendly legislature in US history. Multiple members have publicly pressured the SEC to provide clear approval frameworks for crypto ETFs. The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House and provides a legislative framework clarifying CFTC vs SEC jurisdiction over crypto assets — directly addressing the legal uncertainty that previously blocked ETF approvals.

Kaynak: Federal Election Commission

“We have SOL ETF approval probability at 90%+ by end of 2026. The regulatory environment has done a 180-degree turn. We'd be more surprised if SOL and at least one other crypto didn't get a spot ETF this year. XRP is at 85% pending lawsuit resolution.”

Kaynak: Bloomberg ETF Research

“The BTC ETF success story has essentially written the playbook for every future crypto ETF. The SEC has no credible argument left to reject SOL or LTC applications. The question is sequencing — who gets approved first and what's the AUM ramp.”

Kaynak: Bloomberg Live

“Grayscale has applications in for multiple crypto ETFs including XRP, SOL, and AVAX. The regulatory landscape in 2026 is fundamentally different from 2023. We expect multiple approvals this year and are prepared to launch rapidly upon any green light.”

Kaynak: Grayscale Press Release

“VanEck has been at the forefront of crypto ETF applications since 2017. We filed our Solana ETF because we believe SOL has clear commodity characteristics and strong institutional investor demand. Approval would bring tens of billions in new institutional capital to Solana.”

Kaynak: VanEck Research Blog

“The BTC ETF victory proved that persistence pays off. The same arguments being made against SOL and XRP ETFs were made against BTC for a decade. The market, investors, and now the SEC chair all understand these products serve a legitimate purpose. 2026 will be the year of multi-crypto ETFs.”

Kaynak: Galaxy Digital ETF Research