US Securities and Exchange Commission (SEK) Wednesday approved a set of rules for exchanges for list of exchange -traded products (ETPS) Keep spot ingredients, including cryptocurrencies, without demanding the individual review of the agency every time.
The decision will enable exchanges to continue with the list of proposed ETFs by sidesting the often length 19(b) Rule delivery process that can take up to 240 days and require SEC to actively approve or reject a ETF.
In essence, the process will be more streamlined than before.
ETF issuers will turn to exchanges (Nasdaq, NYSE, CBOE) with a product idea and desire to list their ETF. If the proposed strategy (token or combination of tokens) Of issuers meet the generic listing standard, the exchange may continue to list ETF.
SEC President Paul Atkins said the decision was aimed at reducing barriers to access digital asset products in regulated US marketplaces.
“By approving these generic listing standards, we ensure that our capital markets remain the best place in the world to participate in the pioneering innovation of digital assets,” SEC chairman Paul Atkins said in a statement.
Alongside the rule change, the agency signed the Grayscale Digital Large Cap Fund that tracks the assets in the Coindesk 5 index and currently consists of Bitcoin ether (Eth)XRP Solana And Cardano .
Read more: SECS break of gray scale -fonden is probably temporary
The regulator also approved the launch of settings linked to the CBOE Bitcoin US ETF index and its mini version, which expanded the set of cryptom-tan derivatives available in regulated US markets.
Big drag for altcoin -etf’s
SEC’s listing standards could potentially open the way for a wave of spot-based Altcoin-ETFs waiting for regulators to nod to the market.
“This is the Crypto ETP frames we’ve been waiting for,” said James Seyffart, ETF research analyst at Bloomberg Intelligence, in an X post. “Get ready for a wave of spot crypto ETP launches in the coming weeks and months.”
By repeating this mood, Kristin Smith, the President of the Solana Policy Institute, said, “We are incredibly encouraged by tonight’s news: SEC continues to promote the rule of law by setting clear rules for US companies and taking positive steps to allow US investors to secure access to digital assets.”
“These new generic listing standards are a networking for US investors, markets and digital asset innovation. Tightened over the next wave of crypto recording!,” She added.
Update (September 8, 12:05 UTC): Corrects 270 days to 240 days and prepares the approval process.
