SEC Gives Crypto ETFs a Green Light-Chaos or Carnival? 🎭💰

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Ah! The illustrious United States Securities and Exchange Commission, that grand arbiter of financial fates, has deigned to approve generic listing standards, paving a swifter road for spot crypto ETFs. Imagine, dear reader, a world where each application need not endure the tiresome ordeal of individual scrutiny! 🎩✨

Our noble SEC Chair, Monsieur Paul Atkins, declares that these standards will ease the barriers to the fabled realm of digital assets, granting investors a veritable banquet of choice. 🍷📈

SEC Approves Generic Listing Standards

Yes, yes! The SEC has approved generic listing standards, aiming to hasten spot crypto ETF approvals. Hark! No more lonely assessments of each humble application. This decree, inscribed upon the tomes of Nasdaq, NYSE Arca, and Cboe BZX, promises to cut down approval times as if by magic wand under Rule 6c-11. 🪄

“By approving these generic listing standards, we ensure that our capital markets sparkle as the finest stage for digital innovation. Investor choice shall flourish, and barriers shall crumble like stale baguettes underfoot!”

A Long List Of Pending Applications

Meanwhile, brave Solana, Ripple, and Litecoin await the SEC’s nod. October looms, threatening Avalanche, Chainlink, Polkadot, and BNB with imminent judgment. The pundits cheer, expecting bullish fireworks! 🎆 Bloomberg’s sage James Seyffart exclaims:

“WOW. Generic Listing Standards for ‘Commodity Based Trust Shares’, yes indeed! Crypto ETPs, at last! Prepare for a tidal wave of spot crypto ETPs!”

Yet beware, fair readers, for Commissioner Caroline Crenshaw raises her eyebrow in solemn concern. She fears a flood of hastily launched products, unvetted and unruly. ⚖️

“The Commission is shunting the burden of careful review aside, favoring speed over prudence, and rushing unproven wares to the eager marketplace.”

Clearer Standards

Under this new decree, a spot crypto ETF must hold a commodity traded on an Intermarket Surveillance Group market, or be linked to a futures contract on a designated market for six months with proper surveillance agreements. Alternatively, tracking a well-exposed ETF shall suffice. Exchanges must still file rules when daring to list nonstandard crypto ETFs. 🏛️

Once, filings were a tedious double-act: one from the exchange, another from the asset manager. Now, the spectacle is cut from 240 days to a mere 75! Teddy Fusaro of Bitwise Asset Management proclaims:

“A watershed moment! Overturning a decade of precedent since 2013, the gates to digital riches swing wide!”

And lo, Solana and XRP ETFs shall likely be the first to dance under this new sun. Applications were made long ago, yet regulators moved with the pace of a snail in a molasses jar, approving only BTC and ETH ETFs until now. Steve McClurg, CEO of Canary Capital, sighs:

“The gates are open, yes, but much toil remains: marketing, legal scrolls, and alliances with service providers. The new roadmap is set, but the journey continues!”

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2025-09-18 17:18