The United States Securities and Exchange Commission (SEC) approved a new standard for crypto ETF listings on Wednesday.
The standard is created to simplify the working of exchanges in terms of the process followed for crypto ETP listings.
This makes it possible to to avoid the cumbersome route of case-by-case approval being followed so far.
With this change, exchanges can bypass the 19(b) rule filing process. It is a review that can stretch up to 240 days and demands direct SEC approval before an ETF can launch.
Instead of going through the tedious and lengthy review process, the SEC has set up a system that allows exchanges to act more quickly.
Now, when an ETF issuer presents a product idea to exchanges like Nasdaq, NYSE, or CBOE, the exchange can move ahead as long as the proposal meets the generic listing standard.
This means that strategies based on a single token or a basket of tokens can be listed without waiting for individual approval.
New Standards Will Ease Cry
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