The US Securities and Exchange Commission has approved standards that can speed up crypto ETF approvals, because each application does not have to be assessed individually.
The decision, detailed in SEC archiving At trade fairs such as the Nasdaq, NYSE Arca and CBOE BZX, the trial would streamline on Wednesday under Rule 6C-11 of the rule 6c-11, which considerably reduces the approval period lines that have lasted a few months in the past.
“By approving these generic list standards, we ensure that our capital markets remain the best place in the world to participate in the advanced innovation of digital assets,” SEC chairman Paul Atkins said In a separate statement.
“This approval helps to maximize the choice of investors and promote innovation by streamlining the listing process and reducing barriers for access to digital asset products in the trusted capital markets of America.”
It comes when spot ETF applications for Solana (SOL), XRP (XRP), Litecoin (LTC) and Dogecoin (doge) wait for official approval.
The SEC faced deadlines from October to decide on those cases, in addition to a handful of others, including Avalanche, (Avax), Chainlink (link), Polkadot (DOT) and BNB (BNB).
The development was considered by many industrial experts as Bullish, including Bloomberg ETF analyst James Seyffart, who said: “This is the crypto ETP framework that we have waited for.”
He expects a wave of Crypto investing products to launch in the US in the coming weeks and months.
SEC contains clear standards
To be eligible for mention, a crypto-spot ETF must have a raw material that either acts on a market that forms part of the Intermarket Surveillance Group with supervision access, or is based on a futures contract stated on a designated contract market for at least six months with a surveillance sharing agreement.
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Alternatively it may be eligible if it is already followed by an ETF with at least 40% exposure to a National Securities Exchange, the securities ruler said.
An exchange must submit a rule application for the SEC when listing and exchanging crypto exchange-bound products that do not meet the approved generic list standards.
SEC’s Crenshaw flags investor problems
SEC commissioner Caroline Crenshaw expressed Concern about the new listing standards, warning that they can lead to a market that is flooded with products that have not been fully investigated for investor protection.
“The committee passes the goat when revising these proposals and making the required findings of investor protection, in favor of following this new and demonstrably unproven products on the market.”
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