The approval process for cryptocurrency ETFs has long been a focus of attention. The U.S. Securities and Exchange Commission (SEC) has taken a cautious stance on investment products involving crypto assets, particularly concerning investor protection and market manipulation risks. However, in early 2024, the SEC approved the listing of 11 Bitcoin spot ETFs for the first time, marking a shift in regulatory attitude. Following this, in May 2025, the SEC approved the listing application for Ethereum spot ETFs, further advancing the mainstreaming of crypto assets.
The SEC's approval process typically includes stages such as submitting applications, public comment solicitation, staff review, and final decisions. Each stage can take months or even longer, resulting in a lengthy overall approval cycle. For example, the approval of Bitcoin spot ETFs in 2024 took several years and was ultimately granted with the push from multiple financial institutions.
In July 2025, the SEC released guidance on exchange-traded products (ETPs) involving crypto assets, aimed at streamlining the approval process. This guidance clarified that issuers must disclose the unique risks of crypto asset ETFs in "plain language" within their prospectuses, such as custody arrangements and market competition risks. Additionally, the SEC approved the operational methods for authorized participants to conduct physical delivery, supporting the liquidity and market efficiency of crypto asset ETFs.
These measures indicate that the SEC is attempting to accelerate the approval process for crypto asset ETFs through standardized disclosure requirements and operational methods. However, the SEC remains cautious, emphasizing the importance of investor protection and market stability.
The progress of crypto asset ETF approvals has sparked widespread market interest. The approval of Bitcoin and Ethereum spot ETFs is seen as a significant sign of crypto assets gradually integrating into the traditional financial system. The launch of these ETFs provides investors with more convenient and compliant investment channels, as well as supporting price discovery and market depth for crypto assets.
However, market sensitivity to regulatory policies still exists. For instance, the SEC chairman mistakenly conveyed that a Bitcoin ETF had been approved due to a social media account being hacked, leading to a brief spike in Bitcoin prices. This indicates that market expectations and sensitivity to regulatory information can lead to price volatility.
Looking ahead, the SEC may continue to advance the approval process for crypto asset ETFs, particularly for applications related to other mainstream cryptocurrencies like Solana and Avalanche. However, the approval process may still face challenges, especially regarding regulatory requirements related to market manipulation, custody security, and investor protection.
The progress of cryptocurrency ETF approvals reflects the trend of crypto assets gradually integrating into the mainstream financial system. While the SEC accelerates the approval process, it still emphasizes the importance of investor protection and market stability. Market sensitivity to regulatory policies may lead to price fluctuations, and investors should pay attention to regulatory dynamics and market changes to make prudent investment decisions.
Related: Robinhood Seeks SEC Approval for Retail Investor Venture Capital Fund
Original: “Crypto ETF Approvals Accelerate, Digital Assets Enter Mainstream Finance”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
