SEC’s new crypto ETF listing rule ‘is a pretty big deal’ – Here’s why
Main Idea
The SEC's new 'general listing standard' could fast-track approval for altcoin ETFs, with spot SOL ETF potentially approved by mid-September, leveraging futures market tracking as a key criterion.
Key Points
1. The SEC introduced new 'generic listing standards' that tie crypto ETF approval to futures market performance, specifically requiring six months of tracking on Coinbase.
2. Cboe BZX exchange filed for rule changes to streamline the crypto ETF approval process, with other exchanges like Nasdaq and NYSE expected to follow.
3. Bloomberg analysts highlighted that the new standards could lead to approvals for altcoins like Litecoin, Dogecoin, Solana, and Ripple by September or October.
4. Solana (SOL) futures began trading on CME earlier than XRP, potentially leading to an earlier spot SOL ETF approval (around September 17).
5. The SEC has delayed several altcoin ETF applications, but the new framework may expedite approvals, with SOL and XRP ETFs likely launching by Q4.
Description
Policy analyst projected that spot SOL ETF could be approved by mid-September.
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