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Previously, the listing of crypto ETPs was a long, expensive, and high-risk process. Issuers needed to submit special applications for each new asset, proving that the market had sufficient liquidity and was not subject to manipulation, with the SEC's review period lasting up to 240 days or even 270 days.

The impact of the universal listing standards is revolutionary:

Streamlined and accelerated process: ETPs that meet certain clearly defined requirements from the SEC will have their approval almost guaranteed, with the process time significantly shortened to 75 days or less. It also allows compliant crypto ETPs (exchange-traded products) to be listed and traded without the need for a 19b-4 form.

Exchange options precondition: Most proposals in the industry suggest that the universal listing standards should require the underlying assets to have futures contracts traded on regulated U.S. futures exchanges. Eligible exchanges include CME, Cboe, and possibly even Coinbase Derivatives Exchange and Bitnomial.

First beneficiaries: The SEC has approved the exchange listing standards and quickly approved the trading of the Grayscale Digital Large Cap Fund (which primarily holds BTC, ETH, etc.).

Bitwise Chief Investment Officer Matt Hougan predicts that the universal listing standards will trigger explosive growth in the number of crypto ETPs, supported by historical experience:

Precedent of traditional ETFs: After the SEC passed the "ETF Rule" at the end of 2019 to create universal standards for stock and bond ETPs, the pace of new ETF launches immediately more than tripled, rising from an average of 117 per year to 370 per year.

Expectations for the crypto market: The crypto ETP sector is also expected to see similar expansion. Altcoins that meet the futures contract criteria, such as Solana, XRP, Chainlink, Cardano, Avalanche, and Polkadot, will welcome ETPs and attract a large number of traditional asset management companies into the field.

The regulatory breakthrough for ETPs coincides with a shift in U.S. macro policy:

Fed pivot: The Federal Reserve announced a rate cut on the same day, which Powell referred to as a "risk management rate cut," clearly stating that the labor market "does not need to soften further." This marks a shift in the Fed's policy focus from controlling inflation to preserving employment, expected to initiate a liquidity-rich rate-cutting cycle.

Liquidity and channels: The rate-cutting cycle will release more capital into risk assets; the universal standards for ETPs provide the most convenient channel to access this capital.

Bitwise Chief Investment Officer Matt Hougan stated in his report that the existence of ETPs alone cannot guarantee capital inflow, but it prepares assets for "explosion."

Unlocking traditional capital: The vast majority of funds worldwide are controlled by traditional investors. With ETPs, these investors can easily allocate crypto assets through brokerage accounts without dealing with complex wallets and private keys.

Reducing "mystique": ETPs transform cryptocurrencies from "geek-exclusive unfamiliar tokens" into trusted stock codes. This lowers the threshold and fear for ordinary investors, making it easier to associate Chainlink with Mastercard partnerships, stablecoin applications, and more.

Capital reservoir: ETPs effectively establish a massive capital reservoir for assets. Once the fundamentals of an asset (such as Solana's activity, Ethereum's ecosystem development) begin to improve, capital can flow in at an extremely fast pace and large scale, triggering rapid price increases.

In summary, with the elimination of SEC regulatory barriers and the initiation of the Federal Reserve's rate-cutting cycle, this "ETP explosion" will thoroughly release suppressed crypto capital and innovation, accelerating the mainstreaming of cryptocurrencies.

Related: The U.S. Securities and Exchange Commission (SEC) approves universal listing standards to expedite the approval process for cryptocurrency ETFs.

Original article: “U.S. SEC Greenlights, Crypto ETPs Set for Explosive Launch!”

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