Currently, the launch of a new cryptocurrency linked ETF has to be approved by the SEC. Yesterday the regulator announced that it has approved a rule change that allows three national securities exchanges to adopt generic listing standards that sidestep the need for an SEC review. The listing standards apply to commodity-based trust shares.
“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets. This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets,” said SEC Chairman Paul S. Atkins.
There’s pent up demand for crypto ETFs, with Solana’s first one being delayed. One of the key requirements is that the commodity has been linked to a futures contract on a regulated exchange for six months. Coinbase operates a regulated futures exchange with some of the futures contracts include XRP, Solana, Dogecoin, Cardano, Chainlink, Avalanche, Stellar and Hedera.
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