Market expectations indicate that the first products to benefit will be ETFs tracking Solana and XRP.
Written by: Dong Jing, Wall Street Insights
The U.S. digital asset regulation has reached an important moment as the SEC significantly simplifies the approval process for digital currency ETFs, paving the way for spot crypto ETFs for Solana, XRP, and others.
On September 17 local time, the SEC voted to approve rule change proposals from three national securities exchanges, clearing the way for a comprehensive opening of the digital asset ETF market. This decision marks a significant shift in U.S. digital asset regulatory policy, paving the way for various spot crypto ETFs from Solana to Dogecoin.
The new rules establish universal listing standards, greatly simplifying the approval process for digital currency ETFs. Asset management companies and exchanges can now apply for new spot crypto ETFs based on unified standards without undergoing lengthy customized regulatory reviews. The approval time has been reduced from the previous 240 days or longer to a maximum of 75 days.
Market expectations indicate that the first products to benefit will be ETFs tracking Solana and XRP. Asset management companies began submitting applications for these products to the SEC over a year ago, but the regulator had only approved Bitcoin and Ethereum spot ETFs until now.
This is the latest move by the Trump administration to mainstream digital assets, contrasting sharply with the cautious attitude of the previous Biden administration. Industry insiders say that while the regulatory gates have opened, the final launch of products still requires completing various follow-up tasks such as marketing plans, legal documents, and service providers.
Universal Listing Standards Officially Effective
The rule changes voted on by the SEC involve the New York Stock Exchange (NYSE), Nasdaq, and Cboe Global Markets.
The new rules establish universal listing standards for digital assets and other spot commodity ETFs, which asset management companies and exchanges must meet to obtain approval for new spot crypto ETFs.
The SEC's order released in July detailed the specific content of these listing standards. Prior to this, the SEC reviewed each spot crypto ETF application on a case-by-case basis, requiring exchanges and asset management companies to submit two separate independent applications to different departments.
Teddy Fusaro, President of Bitwise Asset Management, stated:
"This is a watershed moment for U.S. digital asset regulation, overturning over a decade of precedent since the first Bitcoin ETF application in 2013."
Significant Improvement in Approval Efficiency
The new process will significantly accelerate the listing speed of digital currency ETFs. Reports indicate that the longest time from application to listing will be reduced from 240 days or even longer to 75 days, providing greater certainty for asset management companies eager to enter the digital asset market.
SEC Chairman Paul Atkins described the approval by committee members in a press release as a move to promote innovation and reduce barriers to digital asset products. This statement reflects the Trump administration's more favorable regulatory attitude toward digital assets.
Steve Feinour, a partner at the law firm Stradley Ronon, expects that most applicants will choose a provision that allows for expedited approval of crypto ETFs that have been regulated by the Commodity Futures Trading Commission (CFTC) for at least six months.
He anticipates that the first products could be listed as early as October.
First Products on the Horizon
The market widely expects that ETFs tracking Solana and XRP will be among the first products approved under the new rules. Asset management companies began submitting these applications to the SEC over a year ago, but the regulator has only approved Bitcoin and Ethereum spot ETFs to date.
Even for the Bitcoin ETF, its debut in January 2024 came only after years of struggle and legal disputes. In contrast, the SEC during the Biden administration acted slowly regarding spot crypto ETFs, while the Trump administration has clearly aligned itself with the crypto community, promising a more favorable stance on digital assets.
Steve McClurg, CEO of Canary Capital, which has multiple products awaiting approval, stated: "The door has been opened, but there is still much work to be done."
He noted before the SEC's decision that even after the committee's vote, "marketing plans, legal applications, and collaborations with service providers must all be addressed according to the new roadmap."
Feinour pointed out: "Not every token currently qualifies, but the SEC's approval will open the floodgates." This indicates that while the regulatory threshold has been lowered, digital assets still need to meet specific standards to obtain ETF product approval.
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