This week, the U.S. cryptocurrency market witnessed two major events: the U.S. Securities and Exchange Commission (SEC) officially approved the physical creation and redemption mechanism for crypto ETPs, signaling that universal listing standards for crypto ETPs are on the horizon, thus opening a fast track for crypto assets to enter the ETF market. Meanwhile, the White House released the long-awaited digital asset policy report, outlining a broad regulatory roadmap for cryptocurrencies. These two significant developments mark a crucial step for the U.S. in the field of digital asset regulation, indicating that the cryptocurrency market is entering a new stage of development.
- Crypto ETFs Receive Regulatory "Green Light": Physical Creation and Redemption and Universal Listing Standards
Crypto regulation is undergoing an important turning point. On July 30, the SEC cast a significant vote, allowing authorized participants to create and redeem crypto ETPs in a physical manner.
Physical Creation and Redemption Mechanism: This decision replaces the pure cash model used by the first batch of cryptocurrency ETPs and aligns the regulatory framework for digital asset funds with existing standards for commodity ETPs like gold. The physical mechanism allows authorized participants (APs) to directly deliver or receive the underlying assets, Bitcoin or Ethereum, to create or redeem ETF shares. This eliminates the need for fund-driven market trading and enables participants to use existing procurement channels, thereby reducing trading costs, narrowing bid-ask spreads, and enhancing net asset value (NAV) tracking.
Universal Listing Standards: In addition to the operational model of crypto ETPs taking a key step forward, its listing pathway has also seen significant optimization. Recently, Cboe BZX submitted a landmark rule amendment proposal to the SEC, aiming to establish universal listing standards for Commodity-Based Trust Shares (CBTS). This means that any crypto asset, as long as its futures contracts have been trading stably for six months in a CFTC-regulated market (such as CME or Coinbase Derivatives Exchange), is eligible for expedited listing of its spot ETF. Bloomberg senior ETF analyst Eric Balchunas stated that there are currently about a dozen crypto assets that meet the criteria, with potential approvals as early as September to October.
Implicit Support for Staking Mechanism: It is worth mentioning that the proposal supports the crypto staking mechanism. As long as the ETF can ensure sufficient liquidity or establish a robust staking risk control system, the staking mechanism can be legally introduced into the structure of crypto ETF products, providing more possibilities for product design and revenue models.
- White House Digital Asset Report Released: Broad Regulatory Roadmap
Since President Donald Trump requested the establishment of a digital asset market working group in January and submitted a report outlining recommendations for a digital asset regulatory framework, this report has been highly anticipated.
Report Content: This 163-page digital asset report, written by the President's Digital Asset Market Working Group, consolidates the government's stance on stablecoin regulation, tax reform, and federal market oversight. The report outlines a broad regulatory roadmap for cryptocurrencies, proposing policy recommendations across multiple crypto-related areas, which can be categorized into five main areas:
Positioning the U.S. as a Leader in the Digital Asset Market: It recommends authorizing the CFTC to regulate the spot market for non-security digital assets, embracing DeFi technology, and calling for the SEC and CFTC to immediately initiate digital asset trading at the federal level.
Modernizing Digital Asset Bank Regulation: It calls for the termination of "Operation Choke Point 2.0," clarifying banks' activities in custody, tokenization, stablecoin issuance, and blockchain applications, and increasing transparency in the process for institutions to obtain bank licenses or reserve bank master accounts.
Strengthening the Dollar's Position: It emphasizes faithfully and swiftly executing the GENIUS Act and codifying the President's executive order prohibiting U.S. central bank digital currency into law through the Anti-Central Bank Digital Currency Monitoring State Act.
Combating Illegal Finance in the Digital Age: It clarifies the obligations and reporting requirements under the Bank Secrecy Act (BSA), emphasizes the importance of self-custody, and specifies the anti-money laundering/anti-terrorist financing obligations of participants in the DeFi ecosystem.
Ensuring Fairness and Predictability in Digital Asset Taxation: It recommends issuing guidelines on topics related to CAMT, packaged transactions, and minimum income from digital assets, and reviewing guidelines for the tax treatment of activities such as mining and staking.
Industry Response: The industry generally views this as a positive signal for the direction of Trump's crypto agenda. Ji Kim, CEO of the Crypto Innovation Committee, stated that the report covers everything and provides clear regulatory guidance. Rebecca Rettig, legal counsel at Jito Labs, also expressed approval, believing that this roadmap provides guidance for achieving true regulatory transparency in the U.S. crypto industry.
- Market Impact and Institutional Fund Flows
These regulatory advancements have had a significant impact on the crypto market:
Institutional Funds Pouring In: Strategy announced the purchase of 21,021 Bitcoins for approximately $2.46 billion, increasing its total holdings to 628,791 Bitcoins, solidifying its leadership position in the "Bitcoin treasury." The BTC/USD trading volume during U.S. trading hours has risen to 57.3%, indicating a continued increase in the dominance of dollar zone funds in the market.
Ethereum in High Demand: Glassnode data shows that the proportion of open contract positions in Ethereum has risen to nearly 40%, reaching a new high since April 2023. Standard Chartered Bank analysts believe that treasury-type companies are continuously increasing their holdings of ETH, reflecting its rising strategic position in asset allocation. If the inflow of funds remains strong, ETH is expected to break through the $4,000 mark.
Investment Warning: 4E reminds investors that global compliance trends and traditional financial mechanisms are rapidly penetrating the Web3 market, and mainstream assets may exhibit stronger institutional logic. Attention should be paid to regulatory dynamics and fund flows, seizing structural market opportunities while being cautious of short-term corrections triggered by overheating sentiment.
Conclusion:
The two major events in the U.S. this week—the regulatory "green light" for crypto ETFs and the release of the White House digital asset report—together mark a solid and crucial step for the U.S. in digital asset regulation. The introduction of the physical creation and redemption mechanism and universal listing standards will significantly enhance the attractiveness and market liquidity of crypto ETFs. The White House report provides a broad regulatory roadmap for the crypto industry. These developments indicate that the cryptocurrency market is transitioning from a "lawless experiment" phase to a new stage of clear rules and compliant operations, attracting more institutional funds and accelerating the integration of crypto assets into mainstream finance.
Related: The U.S. Securities and Exchange Commission (SEC) launches the "Project Crypto" initiative aimed at reshaping digital asset regulations.
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Original Article: “Two Major Events in the U.S. This Week: Crypto ETFs Receive Regulatory Green Light, White House Digital Asset Report Released”
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