Author: Margaret Rosenfeld, Chief Legal Officer of Everstake
For years, the approval of cryptocurrency exchange-traded funds (ETFs) has been one of the fiercest battles in the realm of financial regulation. The first Bitcoin (BTC) ETF applications date back over a decade. It wasn't until early 2024, after repeated rejections and court battles that forced the U.S. Securities and Exchange Commission (SEC) to reconsider, that a spot Bitcoin ETF finally received SEC approval in the U.S.
The long road to this point highlights the regulatory caution, political scrutiny, and structural complexities surrounding the digital asset market.
Now, just a year later, the conversation has dramatically shifted.
The SEC is considering a series of proposals from Nasdaq, NYSE Arca, and Cboe BZX to adopt universal listing standards for cryptocurrency and commodity ETFs. These rules would allow eligible funds to list without the need for customized SEC approval under SEC Rule 19b-4.
If adopted by the SEC, this change would align cryptocurrency ETFs with traditional ETFs, which gained their own universal framework through Rule 6c-11 in 2019. In other words, cryptocurrency ETFs could ultimately transition from special treatment to mainstream acceptance.
The current approval process for cryptocurrency ETFs is cumbersome. Each new application can take 240 days or longer, involving multiple rounds of public commentary, staff reviews, and often prolonged uncertainty. Universal listing standards would shorten this timeframe to 60-75 days, making it easier for new products to come to market. Speed and efficiency would benefit all aspects of the industry.
So far, only Bitcoin and Ethereum (ETH) ETFs have passed regulatory hurdles. Universal standards could open the door for ETFs related to Solana (SOL), XRP (XRP), Dogecoin (DOGE), and even more innovative structures like staking-related products or thematic baskets. By creating clear eligibility criteria, such as requiring a six-month trading history on futures markets regulated by the Commodity Futures Trading Commission, these proposals ensure that only sufficiently mature tokens qualify while still expanding investor choices.
Critics sometimes view ETFs as a way to financialize cryptocurrencies. However, the reality is that ETFs provide the transparency, custody safeguards, and monitoring mechanisms that regulators have long sought. Wrapping digital assets in an ETF structure means better disclosures, standardized creation and redemption processes, and oversight by regulated exchanges. For investors, this is a safer and more transparent way to gain exposure than offshore exchanges or unregulated platforms.
The U.S. has already fallen behind in terms of regulatory clarity for cryptocurrencies. The EU's crypto asset market framework, Hong Kong's licensing regime, and Singapore's capital markets approach all provide a more predictable path for digital asset products. If the SEC ultimately establishes universal listing standards, it would send a strong signal that the U.S. intends to lead rather than lag in integrating digital assets into regulated markets.
The SEC may make a decision by September 2025. If approved, exchanges could potentially list the first wave of altcoin ETFs by the end of the year. This would clear a backlog of nearly 100 applications and lay the groundwork for innovation, including index funds, thematic baskets, and even hybrid ETFs that combine cryptocurrencies with stocks or commodities.
The SEC has already laid the necessary groundwork. In August 2025, it approved the creation and redemption mechanisms for cryptocurrency ETFs, aligning them with commodity fund regulations and reducing costs. This decision reflects an understanding that operational efficiency and investor protection can go hand in hand. Universal listing standards are a logical next step.
Skeptics may argue that cryptocurrencies should not receive the same treatment as traditional assets. However, the purpose of regulation is not to determine which asset classes are worthy. Rather, it is to provide transparent, consistent rules to protect investors and ensure market integrity.
Delaying integration will only perpetuate risks. Without available regulated products, investors will seek exposure in less secure venues, including exchanges with poor custody safeguards, offshore platforms beyond U.S. regulatory reach, or illiquid private placements. In contrast, ETFs would bring cryptocurrencies into the regulatory fold, where they can be monitored, disclosed, and overseen like any other financial product.
The adoption of Rule 6c-11 in 2019 transformed the ETF industry, unleashing innovation and lowering barriers for issuers. Now, cryptocurrencies have the same opportunity. By approving universal listing standards, the SEC would not endorse any specific token or project. It would simply provide a predictable framework that allows regulated exchanges and issuers to operate clearly.
Cryptocurrencies are not going away. The question is whether investors will gain exposure through transparent, regulated products in the U.S. market or through opaque structures overseas. The SEC's decision on universal listing standards will help determine this answer.
If the U.S. wants to maintain its status as a global capital market innovation hub, the commission should move forward. It is time to fully bring cryptocurrency ETFs into the ETF era.
Author: Margaret Rosenfeld, Chief Legal Officer of Everstake
Related: Vietnam launches a five-year pilot for the cryptocurrency market with strict regulations
This article is for general informational purposes only and should not be construed as legal or investment advice. The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Original article: “Opinion: SEC Approval of Listing Standards Could Mainstream Cryptocurrency ETFs”
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