US SEC approves general listing standards to speed up approval of cryptocurrency ETFs

PANews reported on September 18 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) approved a set of commodity-based trust share listing standards, opening the door to the listing of digital assets without requiring approval one by one. On Wednesday, the relevant decision was detailed in SEC filings filed by stock exchanges such as Nasdaq, NYSE Arca and Cboe BZX. The decision will simplify the process in accordance with Rules 6c-11 and significantly shorten the approval time that originally took several months. US SEC Chairman Paul Atkins said that this move ensures that the U.S. capital market is the best place for cutting-edge innovation in digital assets, simplifying processes, lowering thresholds, maximizing investor choices and promoting innovation.

The US SEC said that to be eligible for listing, a cryptocurrency spot ETF must hold a commodity that is either traded in a market that belongs to a cross-market monitoring organization and has monitoring authority, or is a futures contract subject that has been listed on a designated contract market for at least six months and has a monitoring sharing agreement. In addition, if the cryptocurrency has been tracked by an ETF listed on a national stock exchange and has an investment proportion of at least 40%, the cryptocurrency spot ETF may also be eligible for listing; when the exchange seeks to list and trade cryptocurrency trading products that do not meet the approved general listing standards, it is necessary to submit a rule application to the US SEC.

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