SEC opens path to crypto spot ETFs with new listing rules?

• SEC lets NYSE, Nasdaq, and Cboe use generic listing standards for spot ETFs
• Launch timeline drops to a maximum of 75 days from 240
• First candidates likely include solana and XRP under the futures test

The SEC approved generic listing standards that let three national securities exchanges adopt a streamlined path for new spot cryptocurrency and other spot commodity exchange-traded products, clearing the last hurdle for dozens of spot ETFs and shortening launch timelines from 240 days to 75 days.

SEC rule change on generic listing standards

On Wednesday, commissioners voted to let the NYSE, Nasdaq, and Cboe Global Markets use generic listing standards that cover spot crypto and other spot commodity ETFs, replacing the slow case-by-case approach that had defined the SEC process since the first bitcoin ETF attempt in 2013. The July order described how an asset manager and the exchanges must satisfy clear criteria so a compliant product can list without a lengthy, customized review that previously forced two separate filings to flow through different divisions. The new framework removes the last formal barrier to a wave of spot products tied to major tokens, with filings already positioned for assets ranging from solana to dogecoin, and it marks a shift from individualized approvals toward a rule-based pathway that issuers can follow with predictable steps.

Teddy Fusaro, president of Bitwise Asset Management, called the vote a watershed moment because it overturns more than a decade of precedent on spot crypto ETFs. The SEC chair, Paul Atkins, framed the decision in a press release as a move to foster innovation while reducing barriers to digital asset products, a message that aligns with building consistent expectations around market access and disclosures. The net effect is a clearer route to market: issuers who meet the standards can list faster, exchanges gain operational certainty, and investors benefit from uniform documentation rather than bespoke filings that drag on for months.

Timelines, filings, and what changes for issuers under the new listing pathway

Until now, a spot crypto ETF required two distinct submissions, one from the listing exchange and one from the asset manager, each reviewed by separate parts of the Commission, which often extended the maximum timeline to 240 days or longer. The SEC vote compresses that journey to a 75-day maximum when an application fits the generic standards, which means product planning cycles can match market windows more reliably and service providers can schedule audits, custody arrangements, and distribution with fewer unknowns. Issuers will still need rigorous compliance and surveillance sharing, yet the playbook becomes uniform enough to remove duplicative steps that slowed the old pipeline.

Steve McClurg, CEO of Canary Capital, noted before the ruling that the vote opens the path but does not finish the job, since asset managers must finalize marketing plans, legal work, and operational integrations with administrators and custodians based on the new roadmap. That pragmatic view tracks with how the SEC framework works in practice: a shorter regulatory clock does not eliminate preparation, it simply lets teams align product readiness with a known regulatory finish line rather than wait on discretionary extensions. The change should also reduce uneven outcomes across similar products by centering reviews on predefined criteria rather than one-off orders.

First movers, token eligibility, and the CFTC futures test that guides SEC approvals

The earliest launches under the standards are expected to track solana and XRP, where managers began filing more than a year ago, even though regulators have not yet allowed spot ETFs beyond bitcoin and ethereum. Bitcoin ETFs finally arrived in January 2024 after years of struggle and a court fight, and ethereum followed, which set a template for surveillance and custody that now carries into other assets through the generic rule. Steve Feinour, a partner at Stradley Ronon who has worked on pending applications, expects most issuers to use a provision that enables expedited approval when a token has CFTC-regulated futures trading for at least six months, since that history strengthens the surveillance and market integrity case for a spot product. He added that first products could debut as soon as October, but not every token will qualify immediately because the six-month futures condition and other criteria filter the pipeline.

That filter matters because filings span a broad range, including assets with deep derivatives markets and others with limited regulated activity. The SEC framework does not promise universal admission; it channels qualified assets through a repeatable process while leaving room for additional review where market quality or surveillance linkages fall short. Managers still need to present robust custody, valuation, and pricing methodologies that reflect the underlying market structure of each asset, and they must coordinate with exchanges that will shoulder monitoring responsibilities under the listing standards. As a result, the first wave likely centers on assets with established futures depth and cleaner market data, while later waves follow after liquidity, governance disclosures, and surveillance agreements mature.

Administrative context, exchange readiness, and what the shift signals for the market and the SEC

Under the prior administration led by President Joe Biden, the Commission moved slowly on spot applications, advancing futures-based structures while holding back on cash market products. The current administration under President Donald Trump aligned more directly with the crypto community and pledged a friendlier posture toward digital assets, which set the stage for a rules-based approach instead of serial one-off orders. The SEC action signals a preference for transparent thresholds that apply across issuers and venues, which helps NYSE, Nasdaq, and Cboe plan listings, schedule market-making support, and manage surveillance expectations for multiple launches in a compressed window.

The market impact should arrive in phases. Dozens of spot ETFs tied to major tokens can now move from filing to listing in 75 days when they meet the standards, while products that miss a criterion will remain on a slower track until they bridge gaps in futures history, surveillance sharing, or market integrity analysis. Investors gain more choice and better comparability across issuers because the standards reduce idiosyncratic conditions hidden in bespoke orders. Exchanges benefit from synchronized onboarding that lets liquidity providers commit capital with dates they can trust. The SEC retains its core oversight role, yet the contours of that oversight now rest on published criteria that any applicant can study and meet.

conclusion

The Commission vote authorizes generic listing standards for spot crypto and other spot commodity ETFs on the NYSE, Nasdaq, and Cboe, cuts the maximum timeline from 240 days to 75 days, sets a futures-based test that many issuers can use, and positions solana and XRP to lead the next wave after bitcoin’s January 2024 debut, with first launches possible as soon as October.

Disclaimer

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.

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