The US Securities and Exchange Commission approved a change in how companies can list and trade shares in stock exchange funds that had to streamline the process of new products that move on.
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The story
A majority of commissioners in the US Securities and Exchange Commission voted to streamline the process by which companies could list and trade with shares in Spot Crypto Exchange-traded funds (ETFS)as well as other types of ETFs through the approval of a generic listing standard.
Why it matters
In over a decade, the process of (try and) List of a spot Crypto Exchange-Traded Fund was a 270-day process that usually ended in the ETF application that was rejected. Last year, under former SEC chairman Gary Gensler, the regulator approved the first spot -crypto -Tfs to Bitcoin and Ether. Over the past year, we have seen applications for a number of other assets.
Breaks down it
The idea that SEC would create generic listing standards has been discussed for a few months, at least since the regulator paused the launch of Grayscales digital large CAP fund earlier this year.
In July, SEC approved GDLC to transfer as ETF, but kept the process almost immediately. At the time, a person who is well known said the break was probably intended to give sec enough time to develop these generic listing standards.
This last Wednesday, SEC approved these standards and let companies bypass the Exchange Act if their proposed products meet the standards.
In a statement, SEC chairman Paul Atkins said, “By approving these generic listing standards, we ensure that our capital markets remain the best place in the world to participate in advanced innovation of digital assets. This approval helps to maximize investor choice and promote innovation by streamlining the listing process and reducing obstacles to access to digital activation products. capital markets. ”
A number of SPOT CRYPTO ETF applications have been waiting for a final decision from the regulator, and it looks like a number of new products will be on the market in the coming months.
Read more:
SEC MAKES SPOT CRYPTO ETF LOTERING PROCESS AGE
Crypto Etf ‘Floodgates’ open with SEC listing standards but the price impact may be uneven
Thursday
- 14:00 UTC (10:00 AM) There will be an evidence hearing in the Department of Justice’s Game against the former Crypto lobbyist and one -time Congress candidate Michelle Bond.
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See you next week!
