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On September 17, the U.S. Securities and Exchange Commission (SEC) gave a go-ahead to adopt generic listing standards for crypto exchange-traded funds (ETFs). Bloomberg analyst Eric Balchunas believes this could lead to over 100 crypto ETF launches in the next 12 months. This means that spot ETFs for XRP, SOL, ADA, DOGE, etc. could soon make their way to the market.
US SEC Opens Pandora Box For Crypto ETFs
On Sept. 17, the U.S. SEC approved a generic listing standard for commodity-based trust shares. The approval covered Nasdaq, Cboe, and the New York Stock Exchange. The move aimed to streamline the approval process for crypto exchange-traded funds.
Market experts said the framework would allow faster product launches. As a result, long-awaited ETFs for assets like XRP, Solana (SOL), and Cardano (ADA) could reach markets sooner.
Under the rule, Nasdaq, NYSE, and Cboe can list and trade eligible commodity trust shares. These include spot commodities and cryptocurrencies. They can now bypass the 19b-4 filing process.
The new framework reduces approval time for crypto ETFs. The period will fall from 240 days to 75 days under the Securities Act of 1933. SEC Chairman Paul S. Atkins commented on the development.
Over 100 Crypto ETFs Expected In A Year
Bitwise Investments CIO Matt Hougan said introducing the generic listing standards for crypto ETFs will unlock the launch pace. He explained that when the SEC introduced the “ETF Rule” in late 2019, establishing generic listing standards for traditional ETFs, the pace of launches accelerated sharply, rising from an average of about 117 per year to roughly 370 per year.
Bloomberg ETF analyst Eric Balchunas also acknowledged that the recent greenlight from the SEC could speed up the digital asset ETF launch. He added that more than 100 crypto ETFs could debut over the next 12 months.
Under Paul Atkins, the US SEC has initiated key measures to accommodate the launch of new crypto products. Crypto market experts say the spot ETF launch for major crypto assets like XRP, ADA, DOGE, SOL, etc., could come by the end of October.
Grayscale Crypto Large Cap Fund Heads to NYSE
In another major development, the Grayscale crypto large-cap fund (GDLC) will be heading to the NYSE Arca for listing, following the U.S. Securities and Exchange Commission (SEC) approval.
Through this fund, investors can seek regulated exposure to Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Bitcoin constitutes over 72% of the fund’s portfolio, followed by Ethereum at over 17%.
XRP, Solana, and Cardano hold smaller allocations of 5.62%, 4.03%, and 1%, respectively. The fund recently reduced BTC weighting to increase Ethereum, XRP, Solana, and Cardano exposure.
The broader crypto market has staged a strong rally today amid these developments. Bitcoin (BTC) price has gained 1.5%, while top altcoins like XRP, ETH, ADA, and SOL have achieved 3-5% gains today.
