The U.S. Securities and Exchange Commission (SEC) has officially approved new generic listing standards, which will greatly simplify the approval process for spot cryptocurrency exchange-traded funds (ETFs). Under the new rules, exchanges such as Nasdaq, the New York Stock Exchange (NYSE), and Cboe can directly adopt these standards, eliminating the need for individual approvals for each application. Previously, this process could take over 240 days, but now, under certain conditions, the approval time can be reduced to about 75 days.
This policy change is seen by most industry insiders as a significant milestone for the digital asset market. SEC Chairman Paul Atkins stated that this move aims to lower the barriers for digital asset products to enter the market, provide investors with more choices, and promote innovation. (cointelegraph.com) At the same time, the SEC has approved products such as Grayscale's "Large-Cap Crypto Fund" and some options products related to Bitcoin indices.
On January 10, 2024, the SEC approved the first batch of 11 spot Bitcoin ETFs to begin trading, marking the official entry of this type of asset product into the mainstream financial market.
Previously, Bitcoin futures ETFs were approved in 2021, allowing investors to indirectly access Bitcoin through these futures contract products. Key contents and impacts of the new rules:
Key Contents:
Generic Standards: If the proposed ETF products by exchanges meet these standards, they can list cryptocurrency ETFs according to the rules without submitting individual approvals for each case.
Conditions include: The crypto assets must be traded in markets that have regulatory oversight/market surveillance conditions, or their futures contracts must have been traded on designated markets for at least six months, along with requirements for surveillance sharing agreements.
Possible Impacts:
Increased Approval Efficiency: Those waiting for approval for spot cryptocurrency ETF projects (such as SOL, XRP, LTC, DOGE, etc.) are more likely to receive listing permissions in the near future.
Market Product Diversification: Investors will see more different cryptocurrency ETF products, not limited to Bitcoin and Ethereum.
Reduced Costs and Trading Friction: For example, the creation and redemption mechanisms are more flexible, and management fees and operating costs may decrease.
Although the new standards are widely optimistic, some SEC commissioners and industry insiders still express concerns:
Investor Protection Issues: If the review of new products is lenient, there may be risks of market manipulation or fraud.
Compliance and Regulatory Systems Still Need Improvement: Exchanges and asset management companies must ensure that their products meet strict standards in areas such as surveillance sharing, auditing, and custody.
Following the release of the new rules, more spot cryptocurrency ETF products are expected to be listed in the coming weeks to months, especially assets like SOL and XRP that have previously submitted applications or are awaiting approval. Market participants anticipate that the launch of these products will not only bring capital inflows but may also promote further integration of crypto assets within the traditional financial system.
Overall, this SEC policy adjustment is not only a systemic change in the cryptocurrency market but may also provide new valuation support for Bitcoin and other mainstream cryptocurrencies. Enhanced regulatory transparency and efficiency, if accompanied by appropriate protective mechanisms, will benefit the healthy development of the industry.
Related: Solana's enterprise treasury surpasses $4 billion, accounting for 3% of SOL's circulating supply.
Original: “SEC Eases Path for Spot Crypto ETFs: Regulatory Watershed and New Market Opportunities”
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