Discussions imply impending approval for XRP and Dogecoin Exchange-Traded Funds, potentially soon.

Three national exchanges - Cboe BZX, NYSE Arca, and Nasdaq - have converged on nearly harmonized generic listing standards (GLS) for Commodity-Based Trust Shares. This move aims to make spot crypto ETF approvals systematic rather than one-off, while preserving market-integrity guardrails.

The race to standardize how US exchanges list spot crypto ETFs is nearing its endgame. If the SEC approves the GLS on the expected schedule, the calendar would align with XRP's October 18-23 outside dates and Dogecoin's November 12 follow-on, potentially opening the floodgates for crypto ETF approvals.

The Bitwise Dogecoin ETF has been published on NYSE Arca and is in the 19b-4 pipeline, with an outside date of November 12, 2025. The 21Shares Dogecoin ETF has been published on Nasdaq and is in the 19b-4 pipeline, with an outside date of January 14, 2026. The Grayscale Dogecoin Trust filed an S-1 on August 15, 2025, disclosing that NYSE Arca lodged its companion 19b-4 on January 31, 2025. The CoinShares XRP ETF has been published on Nasdaq and is currently in the 19b-4 pipeline, with an outside date of October 23, 2025. The Canary XRP Trust has been published on Cboe BZX and is in the 19b-4 pipeline, with an outside date of October 23, 2025. The Grayscale XRP Trust has also been published on NYSE Arca and is in the 19b-4 pipeline, with an outside date of October 18, 2025.

The proposed GLS allow qualifying commodity ETPs, including those that hold "digital asset commodities", to list without bespoke 19b-4 approvals each time. A key technical edit running through the filings is how the term "commodity" is defined. The amendments aim to prevent accidental sweep-in of instruments like interest-rate indexes or currencies under the Commodity Exchange Act's "excluded commodity" heading.

Cboe's proposal includes a futures-market seasoning test as a requirement for new spot products. The six-month clock for the futures-market seasoning test is anchored to the contract's listing/availability date. The surveillance logic the SEC has leaned on since the 2024 spot-BTC and spot-ETH approvals is aligned with the futures-market seasoning test. The exchanges' proposals aim to make spot crypto ETF approvals systematic rather than one-off, while preserving market-integrity guardrails.

At press time, XRP traded at $2.81. The name of the regulatory officer or head of NYSE Arca responsible for approving the Spot-X Ripple ETF under the unified listing rules for crypto ETFs, effective late September or early October, is not publicly specified. Nate Geraci, of The ETF Store, believes that crypto ETF floodgates could open by early October.

The XRP Ledger has activated on-chain KYC/AML in a major upgrade. The proposed GLS aim to ensure that market-integrity guardrails are maintained, while making the process of listing spot crypto ETFs more systematic. The race to standardize how US exchanges list spot crypto ETFs is nearing its endgame, and the upcoming approvals could mark a significant milestone for the crypto industry.