According to a Monday report by Reuters, the U.S. Securities and Exchange (SEC) will not be rushing to approve a slew of spot cryptocurrency exchange-traded fund (ETF) proposals. 

The odds of a spot XRP ETF being approved by July 31 currently stand at only 7%, down from 32% at the beginning of the month, according to Polymarket bettors. For comparison, there was a 50% chance of such products being approved by that date in April. 

The aforementioned report says that the agency is currently working on streamlining the process of greenlighting spot-based crypto ETFs by designing special guidance. 

Its first part, which is a 12-page document outlining disclosure requirements, was issued earlier this month.  

Bitwise's Matt Hougan claims that the fact that this guidance already exists shows that such ETFs are becoming part of mainstream finance. 

The second part of the guidance will be more substantial since it will focus on a universal listing framework that will replace the process of submitting 19b-4 filings.

The SEC is currently in the process of discussing the framework, according to several people familiar with the matter. 

No spot crypto ETFs will be approved until the second part of the guidance gets implemented, which will only happen closer to autumn.

Solana ETFs are expected to be the first in line for the SEC's much-awaited nod, the report says. 

Earlier, there was some speculation that the SEC might speed up the approval of spot-based crypto ETFs. 

The launch of the first staking-enabled Solana ETF seemingly kickstarted "crypto ETF summer," but this does not seem to be the case.