The U.S. Securities and Exchange Commission (SEC) has approved new standards that could dramatically speed up approvals for spot crypto exchange-traded funds (ETFs). The move eliminates the need for the agency to assess each application individually, reducing a process that often took months. According to the SEC filing on stock exchanges such as Nasdaq, NYSE Arca, and Cboe BZX, the decision streamlines the process under Rule 6c-11. This change opens the door for a wave of new crypto investment products in the U.S.
“This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets,” said SEC Chairman Paul S. Atkins. Bloomberg ETF analyst James Seyffart called it “This is the crypto ETP framework we’ve been waiting for,” predicting that several spot ETFs could launch in the coming weeks.
The timing is crucial, as the SEC faces deadlines starting in October on applications for Solana (SOL), XRP, Litecoin (LTC), Dogecoin (DOGE), Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), and BNB. Under the new rules, a crypto spot ETF must meet at least one of three requirements: The asset trades on a market within the Intermarket Surveillance Group, with monitoring access. The asset underlies a futures contract listed for at least six months on a designated market with a surveillance-sharing agreement.
The asset is already tracked by an ETF with at least 40% exposure listed on a national securities exchange. If an ETF does not meet these standards, the exchange will still need to file a separate rule request with the SEC. However, not everyone has welcomed the decision. SEC Commissioner Caroline Crenshaw warned that the move could flood the market with unproven products, arguing the Commission is “passing the buck” on investor protection.
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