Author: Martin
A regulatory transformation that will impact the future of the cryptocurrency market has quietly landed. On September 17, the U.S. Securities and Exchange Commission (SEC) approved the "General Listing Standards for Commodity Trust Shares." This seemingly technical rule change has opened the floodgates for the mass listing of cryptocurrency ETFs.
This new regulation shortens the approval time for crypto ETFs from a maximum of 270 days to within 75 days, marking a shift in the SEC's attitude towards crypto assets from "whether to allow" to "how to regulate."
Institutional Floodgates Open, SEC's New Rules Change the Game for Crypto ETFs
In the past, crypto spot ETFs had to undergo a long and uncertain case-by-case approval process, with each application needing to pass both the 19b-4 rule change approval and the S-1 prospectus approval, taking as long as 240 days or even longer.
The new rules have completely changed this approval logic. Now, as long as the tokens meet specific standards, issuers no longer need to go through the lengthy 19b-4 approval process; they only need to submit the S-1 document and wait for 75 days.
The selection criteria under discussion include market capitalization, degree of decentralization, and wallet distribution, but the most feasible path is: the asset has a continuous trading record of more than six months on a futures exchange regulated by the CFTC.
This change signifies the SEC's transition from a case-by-case approver to a rule-maker, marking a key step in the regulation of crypto assets in the U.S.
October's Major Test, Multiple Altcoin ETFs Await Ultimate Decision
With the institutional floodgates open, the market immediately felt the change, and October will become the "big test month" for altcoin ETFs, with at least 16 spot cryptocurrency ETFs awaiting the SEC's final decision.
These applications involve various tokens beyond Bitcoin and Ethereum, including SOL, XRP, LTC, DOGE, ADA, and HBAR.
Specifically, the deadline for Canary's LTC ETF is October 2; Grayscale's Solana and LTC trust conversions are on October 10; WisdomTree's XRP fund will face its final decision on October 24.
The market has high expectations for the approval of this batch of ETFs. Bloomberg ETF analyst Eric Balchunas stated, "The approval rate for the SOL spot ETF is now close to 100%. The general listing standards render the 19b-4 documents and their timelines meaningless."
Market Landscape Dramatically Changes, From Duopoly to Flourishing Diversity
The success of Bitcoin and Ethereum ETFs has proven that there is genuine institutional demand for crypto assets. The Bitcoin spot ETF has managed over $110 billion in assets under management in just one year, becoming the most successful ETF launch in history.
The mass listing of altcoin ETFs will change the entire landscape of the crypto market. By September 2025, the crypto ETF market has formed a three-tier structure: the first tier consists of mature Bitcoin and Ethereum spot ETFs; the second tier includes SOL, the newly emerging XRP, and Dogecoin ETFs; the third tier consists of ADA, DOT, and other ETFs currently in the queue.
Grayscale's multi-asset ETF (GDLC), as the first compliant ETF covering five major assets, will push cryptocurrencies from "individual coin speculation" to an era of indexed allocation. It tracks the CoinDesk 5 Index, covering over 90% of the crypto market capitalization, effectively providing investors with a "crypto version of the S&P 500."
Why Are ETFs So Important for Cryptocurrencies?
ETFs are not only a trading channel but also a triple upgrade of identity certification + capital engine + ecological leverage.
Compliance identity certification transforms cryptocurrencies from the "gray area" into regulated publicly traded assets. Traditional institutions like pension funds and insurance companies, which previously could not directly hold tokens due to compliance restrictions, can now allocate through ETFs.
ETFs also bring stable buying pressure to the underlying assets. Issuers must buy the corresponding cryptocurrencies in the spot market in real-time based on the fund share subscription situation, creating sustained demand support.
A new order in the crypto world is quietly being reconstructed between the codes of exchanges and the SEC's approvals. This transformation will bring new opportunities for investors while also requiring us to view risks and returns more rationally.
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。
