Crypto ETFs gain access to stock exchanges: 'The way is clear!'
In a significant move for the crypto industry, the United States Securities and Exchange Commission (SEC) has approved rule changes that allow NYSE Arca, Cboe BZX, and Nasdaq to adopt generic listing standards for spot crypto Exchange-Traded Funds (ETFs).
This decision marks a shift in how spot crypto ETFs are reviewed, ending over a decade of case-by-case approaches since the first Bitcoin ETF filing in 2013. The move comes as a response to pressure from industry players such as VanEck, 21Shares, and Canary Capital, who have been advocating for a more proactive stance towards crypto ETFs.
Under the new rules, the SEC's ruling under Rule 6c-11 grants exchanges like NYSE Arca, Cboe BZX, and Nasdaq the ability to adopt generic listing standards for new digital asset products. These standards will require the underlying asset to trade on a market connected to the Intermarket Surveillance Group or be linked to a Futures contract with at least six months of official trading history and a surveillance-sharing agreement.
The new system also reduces the maximum review period from 240 days to 75 days, offering a more streamlined process for ETF applications.
Meanwhile, in the market, Dogecoin (DOGE) climbed 3.5% to $0.2788, bucking the trend, while Litecoin (LTC) slipped 0.06% to $115.28 over the same period. Solana (SOL) recorded a 3.15% increase, and XRP traded at $3.07 after a 1.29% gain in the past 24 hours, according to CoinMarketCap.
Industry experts and executives have shared their thoughts on this development. Teddy Fusaro, president of Bitwise Asset Management, commented on the same, without providing an exact quote. Steve McClurg, CEO of Canary Capital, stated that while the gates are open, there's still a lot of work to be done.
SEC Chairman Paul Atkins emphasized that the agency's approval of generic listing standards aims to strengthen the U.S. capital markets' global standing in digital asset innovation. He further added that this move will foster competition and efficiency, benefiting investors and the overall market.
Market watchers expect Solana and XRP ETFs to be among the first launched under the new rules, following more than a year of filings. This development is expected to bring more institutional investment into the crypto market, potentially driving further growth and adoption.
