The Securities and Exchange Commission (SEC) has approved proposed rule changes for the three major securities exchanges, the NYSE, Nasdaq and Cboe, that would allow them to adopt generic listing standards for cryptocurrencies and other spot commodity trading products.
The decision removes the hurdle for dozens of new spot ETFs, including those for XRP, Solana and Dogecoin.
In July, the SEC set guidelines detailing the criteria for asset managers and exchanges to approve spot ETFs without going through a lengthy review process.
Previously, each crypto spot ETF filing had to be handled separately, a process that could take up to 240 days. However, under the new system, that period has been shortened to just 75 days from the date of filing.
Bitwise Asset Management President Teddy Fusaro called the move a turning point in the more than decade since the first Bitcoin ETF application in 2013.
SEC Chairman Paul Atkins said the approval would foster innovation and reduce barriers to digital asset products.
The first ETFs under the new rules are expected to involve Solana and XRP, which were filed more than a year ago. So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum, while other products are still waiting.
In contrast to the more cautious Joe Biden administration, President Donald Trump’s administration has shown a more welcoming attitude towards the crypto community, with an agenda to bring digital assets into the mainstream.
