In a pivotal move, the U.S. Securities and Exchange Commission (SEC) has approved new listing standards designed to facilitate the introduction of cryptocurrency-based spot exchange-traded funds (ETFs) into the market. This decision, finalized in a vote conducted on Wednesday, grants the New York Stock Exchange (NYSE), Nasdaq, and Cboe Global Markets the authority to implement general standards, thus opening the door for spot ETFs based on cryptocurrencies such as Solana 
$89, XRP, and Dogecoin 
$0.099508, following Bitcoin 
$77,196 and Ethereum 
$2,421.
Approval Process Accelerated
The SEC’s decision significantly overhauls the ETF approval mechanism. Previously, both the exchange and the fund manager had to submit separate applications for each product, a process that could exceed 240 days. According to information obtained by Reuters, the new standards have reduced the maximum approval time to just 75 days. This change establishes a faster and more predictable system for both exchanges and asset managers.
SEC Chairman Paul Atkins stated that the new rules would foster innovation. Bitwise Asset Management noted the critical importance of this decision for the widespread adoption of cryptocurrency-based exchange-traded products. Applications for ETFs focused on Solana and XRP are expected to be included in this process and receive initial approvals.
In addition, the new regulation enables expedited approval for ETF applications based on cryptocurrencies with futures contracts under the Commodity Futures Trading Commission (CFTC) supervision for at least six months. Consequently, the first products are expected to be available in the market as early as October.
Impact on the Crypto Market
The SEC’s move allows for the diversification of cryptocurrency-based products in the U.S. financial markets. Until now, only Bitcoin and Ethereum-focused spot ETFs had been approved. Now, assets like Solana, XRP, and Dogecoin can also be transformed into ETFs, aiding investors in gaining broader access to the cryptocurrency market.
While the process gained momentum under the Trump administration, it slowed during Biden’s term. With the new rules, it is anticipated that many pending ETF applications will be resolved shortly. According to Steve Feinour from the law firm Stradley Ronon, not all cryptocurrencies might meet the criteria, but the new regulation is expected to bring significant expansion in the market.
