Cboe BZX and NYSE Arca are tired of waiting around. The two exchanges have filed proposals asking the SEC to make it easier and faster to list crypto ETFs. If the rule change is approved, they wouldn’t have to submit a separate request for every single product. Instead, a standard framework would handle the listing process for ETFs that meet clear criteria. The SEC crypto ETF approval process has long been slow, often dragging on for months with little clarity.
How the Rule Would Work
Right now, every new crypto ETF has to go through the same slow process. The exchange files a 19b-4 form, the SEC takes months to review it, and sometimes there’s no clear decision until the very end of the 240-day timeline. The new proposal scraps that cycle for funds that fit within a predefined box, things like asset type, liquidity, and whether there’s proper market surveillance. It’s a way to treat crypto ETFs like gold or other commodity funds, which already follow a faster path to market.
More Funds, Less Waiting
If this goes through, it could unlock a wave of ETFs based on altcoins like Solana, Avalanche, or even curated crypto baskets. As long as issuers stick to the rulebook, they could launch without running the SEC gauntlet every time. That means less waiting, more variety, and a quicker route from concept to trading floor.
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Keeping Up With the Rest of the System
This request isn’t coming out of nowhere. The SEC recently allowed in-kind redemptions for Bitcoin and Ethereum ETFs, meaning traders can settle in crypto instead of cash. That change was a step toward making these funds operate more like traditional financial products. Now the exchanges want the same logic applied to listings. If the backend is evolving, they argue, the front door should too.
Concerns Over a Two-Tiered System
Not everyone’s thrilled. Critics say this could favor Bitcoin and Ethereum while leaving other projects in the cold. There’s a worry that standardized listings might discourage innovation or create barriers for smaller tokens that don’t meet the same liquidity or infrastructure requirements. Some legal experts think the process needs to remain flexible enough to include a wider mix of assets, not just the usual suspects.
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What Happens Next
The SEC doesn’t have to act quickly. It has up to 240 days to respond, though it could also reject the proposal or send it back with tweaks. In the past, the agency has taken its time, especially on crypto-related matters. But this time there’s talk of a shorter turnaround, maybe 75 days, if the filings follow a predictable format.
What’s Driving the Push
Exchanges are competing to attract ETF issuers. Nobody wants to be the platform that takes too long or makes the process painful. A faster system would help them pull in more business from asset managers looking to launch crypto funds without months of uncertainty. It’s also a way to keep pace with international markets that are already moving quicker.
The Bigger Picture
This isn’t just about paperwork. It’s another step in normalizing crypto as part of the financial system. The SEC has been warming up to treating digital assets more like traditional investments. That trend is already visible in the range of crypto ETFs now live, including some tracking newer coins and even meme-inspired products.
Why This Matters
If the SEC crypto ETF rule is approved, investors may soon see more variety and faster access to new funds. Fund issuers would get a smoother path to market, investors would get more choice, and the overall ETF ecosystem could start looking more like the rest of the finance world. It’s a test of how ready the U.S. is to treat crypto like it belongs on the main stage.
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Key Takeaways
- Cboe BZX and NYSE Arca want a faster path for listing crypto ETFs by using a standardized approval process.
- The new rule would let qualifying funds skip the slow 19b-4 review, cutting wait times from 240 days to as little as 75.
- The proposal could open the door to altcoin ETFs like Solana and Avalanche, not just Bitcoin and Ethereum.
- Critics worry this might exclude smaller tokens or create a two-tiered ETF market based on liquidity.
- If approved, the rule could reshape how crypto ETFs are launched and bring the U.S. closer to mainstream crypto adoption.
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