The U.S. Securities and Exchange Commission (SEC) has approved a standard that is expected to expedite the approval process for spot cryptocurrency ETFs, allowing various applications to be assessed without individual evaluation.
According to documents submitted by the SEC to exchanges such as Nasdaq, NYSE Arca, and Cboe BZX on Wednesday, this decision will simplify the process under Rule 6c-11, significantly reducing the approval time that previously took months.
Chairman Paul Atkins noted in a separate statement, "By approving these generic listing standards, we ensure that the U.S. capital markets continue to be the best place in the world for participating in the forefront of digital asset innovation."
This move comes as applications for spot ETFs for cryptocurrencies like Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) await formal approval.
Starting in October, the SEC faces a deadline to make decisions on these cases, along with a few others, including Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), and BNB.
Several industry experts view this development as a bullish signal, with Bloomberg ETF analyst James Seyffart stating, "This is exactly the cryptocurrency ETP framework we have been waiting for."
He anticipates a wave of cryptocurrency investment products to hit the U.S. market in the coming weeks and months.
To qualify for listing, a spot cryptocurrency ETF must hold commodities traded on markets that are part of a cross-market regulatory group and have regulatory access, or the commodity must be supported by futures contracts listed on designated contract markets for at least six months and have established regulatory sharing agreements.
The securities regulator stated that if the cryptocurrency is tracked by an ETF listed on a national securities exchange and that ETF has at least 40% exposure, it may also qualify.
When exchanges seek to list and trade cryptocurrency products that do not meet the approved generic listing standards, they must submit a rule application to the SEC.
SEC Commissioner Caroline Crenshaw expressed concerns about the new listing standards, warning that this could lead to a market flooded with products that have not undergone sufficient investor protection reviews.
Related: The U.S. House of Representatives will consider a retrospective ban on central bank digital currencies (CBDCs) in the market structure bill.
Original article: “SEC Approves Generic ETF Listing Standards to Accelerate Cryptocurrency ETF Approval Process”
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