The Chicago Board Options Exchange (CBOE) has submitted a rule change application to the U.S. Securities and Exchange Commission (SEC) that would allow cryptocurrency fund issuers to list products under a unified framework, potentially eliminating the need for individual approval for each new fund.
ETF analyst Nate Geraci highlighted this application, noting that the proposed rule change could simplify the approval process for cryptocurrency exchange-traded funds (ETFs).
"If the rule change is approved, issuers will not have to seek specific approval for each crypto ETF application as long as it meets certain standards," Geraci said.
Geraci also mentioned that the New York Stock Exchange Arca has submitted a similar application.
Under current regulations, exchanges are required to submit a 19b-4 form for each new crypto ETF product, initiating the SEC's lengthy and often complex review process.
These applications were submitted a day after the SEC approved the physical creation and redemption of crypto ETFs, bringing this asset class closer to traditional fund structures.
On the same day the rule change application was submitted, the White House advanced a new proposal aimed at aligning cryptocurrency regulation with traditional financial regulation.
President Trump's Digital Assets Working Group released a 168-page policy document calling for clearer trading guidelines and easing restrictions on blockchain innovation—these initiatives are designed to accelerate the provision of new crypto products to consumers.
Key recommendations include urging the SEC and the Commodity Futures Trading Commission (CFTC) to clarify federal rules regarding crypto custody, trading, and registration. The report also urged regulators to eliminate "bureaucratic delays" that slow the launch of innovative financial products.
Earlier this month, Trump signed the GENIUS Act into law, laying the groundwork for a broader regulatory framework for stablecoins.
The House also passed the CLARITY Act and the CBDC Anti-Surveillance State Act, which focus on crypto market structure and impose restrictions on central bank digital currencies. Both bills will be reviewed by the Senate when lawmakers return from their August recess.
Related: The U.S. Securities and Exchange Commission (SEC) approves the physical creation and redemption of cryptocurrency ETPs.
Original article: “Cboe, NYSE Arca Apply to SEC for Rule Change to Simplify Crypto ETF Listing Process”
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