The U.S. Securities and Exchange Commission implemented revised listing standards for cryptocurrency exchange-traded funds, significantly shortening the approval process for new products. Under the updated rules, funds meeting specified criteria can launch within 75 days, compared to the previous maximum of 270 days. Qualifying criteria include coins traded on regulated markets, futures contracts regulated by the CFTC for at least six months, or the existence of a previously approved ETF with at least 40% direct cryptocurrency holdings.
Following the release of the final rules, major asset managers accelerated amendments to their ETF filings. At least a dozen applications are under review for products tied to cryptocurrencies such as Solana and XRP, with some filings in advanced stages likely to receive approval as early as October. Industry sources familiar with the matter noted that the streamlined process eliminates the need for case-by-case reviews, enabling faster market entry.
Grayscale Investments led the way by converting a private fund into a publicly traded multi-coin ETF within 48 hours of formal approval. The product provides exposure to multiple digital assets, including bitcoin, ethereum, XRP, Solana, and Cardano, marking a milestone for diversification strategies. Other firms, including VanEck and Bitwise, are evaluating their existing filings to determine eligibility under the new standards and engaging legal teams to prepare for rapid market launches.
Market observers anticipate a surge of crypto ETF issuers in the fourth quarter of 2025, potentially introducing offerings linked to smaller tokens and specialized blockchain applications. While enthusiasm is high, analysts caution about investor education, market liquidity, and risk management for less established tokens. Regulatory clarity, industry readiness, and sustained investor demand will shape the long-term impact of this regulatory shift.
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