SEC Approves Generic Listing Standards Clearing Path For Crypto ETPs
The SEC has approved “generic listings standards” that will clear the way for spot crypto ETFs to launch, reported Bloomberg’s ETF expert Eric Balchunas on Wednesday.
The move allows exchanges to list ETPs holding spot commodities, including digital assets, without requiring individual SEC approval for each product. It also eliminates the lengthy, case-by-case approval process that previously required months or years.
“This is the crypto ETP framework we’ve been waiting for,” commented James Seyffart, who added:
SEC Smoothing The Path For Crypto
Basically, if the asset has a futures contract trading on a regulated exchange such as Coinbase for six months, it will be allowed to become a spot ETF, he explained. Aside from Bitcoin and Ethereum, there were 12 crypto assets trading as futures on Coinbase, which now have an easier path to becoming spot ETFs.
Nova Dius President Nate Geraci also applauded the move:
Two years ago, the previous SEC was still battling Grayscale over a spot Bitcoin ETF, he said before adding its amazing how far we’ve come.
The regulator also approved the Grayscale Digital Large Cap Fund, which holds spot digital assets based on the CoinDesk 5 Index, and afternoon-settled Bitcoin ETF options. However, it delayed the decision on the Truth Social Bitcoin ETF.
Altcoin ETFs Due Today
This week is a big one for altcoin ETFs with two highly anticipated launches today.
The REX-Osprey XRP ETF (XRPR) and the REX-Osprey Dogecoin ETF (DOJE) are both expected to begin trading on Thursday.
It will be a first for a spot XRP fund and a spot meme coin fund in the United States, and analysts expect a slew of them to follow.
The post SEC Approves Generic Listing Standards Clearing Path For Crypto ETPs appeared first on CryptoPotato.
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