- The U.S. Securities and Exchange Commission (SEC) approved a rule change allowing exchanges to use generic standards for listing crypto ETFs.
- This new policy enables funds tied to cryptocurrencies beyond Bitcoin and Ethereum to be listed more quickly, in as little as 75 days.
- The SEC’s move comes as major financial institutions like BlackRock and political figures increase their involvement in the crypto market.
- The first spot ETFs for Ripple’s XRP and Dogecoin launched in the U.S., generating about $55 million in trading volume on their first day.
- BlackRock’s spot bitcoin ETF, launched in early 2024, now holds about 750,000 bitcoin valued around $88 billion.
The U.S. Securities and Exchange Commission (SEC) has approved a major change that lets national securities exchanges, including NYSE, Nasdaq, and Cboe, adopt generic listing standards for new cryptocurrency exchange-traded funds (ETFs). This change allows new crypto ETFs tied to digital assets like ethereum, solana, and dogecoin to be listed much faster, cutting the time needed for approval to just 75 days.
According to official statements, the SEC’s move removes the lengthy case-by-case review process that was required for every ETF application. Steve Feinour, partner at Stradley Ronon, told Reuters that the ruling “will open up the floodgates” for more crypto ETF launches. Nic Puckrin, macroeconomics analyst and founder of The Coin Bureau, stated in emailed comments, “The big trigger this week was the SEC’s approval of generic listing standards for crypto ETFs on the likes of NYSE, Nasdaq, and Cboe. Until now, every ETF had to go through a lengthy, case-by-case process. Now, new products can be listed in just 75 days. This is significant for funds tied to ethereum, solana and dogecoin, or even diversified crypto baskets, as it dramatically reduces the barriers.”
The first spot ETFs for Ripple’s XRP and dogecoin have also started trading in the United States. These products, including the REX-Osprey XRP ETF listed under the ticker XRPR on Cboe, achieved approximately $55 million in trading volume during their debut. According to a post by Bloomberg Intelligence senior ETF analyst Eric Balchunas, the XRPR ETF saw the highest debut volume of any ETF launch in 2024.
In August, Nate Geraci, president of NovaDius Wealth, noted that BlackRock’s focus on only bitcoin and ethereum ETFs made “zero sense,” suggesting that other cryptocurrencies also have market value. “Otherwise, they’re basically saying bitcoin and ethereum are only ones that will ever have value. Bold,” Geraci posted to X.
BlackRock, which manages around $10 trillion in assets, launched its spot bitcoin ETF early in 2024. The ETF has since become the fastest-growing ETF on Wall Street, now holding about 750,000 bitcoin worth roughly $88 billion—almost 4% of all bitcoin that will ever exist. Some experts caution that this could give large asset managers significant influence over the cryptocurrency’s network.
The SEC’s new standard and the success of recent ETF launches point to increasing mainstream adoption of cryptocurrency investments in traditional financial markets.
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