The U.S. Securities and Exchange Commission voted in favor of rule changes proposed by Nasdaq, NYSE Arca, and Cboe BZX. Now platforms can list and trade funds based on spot assets, including digital ones, if they meet the approved standards. Previously, each application required separate review, which delayed the process for months.
Details
The changes are formalized under Rule 6c-11. It reduces approval timelines and removes part of the administrative barriers. SEC Chair Paul Atkins said the adoption of these standards secures the U.S. position as a leading global hub for innovation in digital assets.
Jamie Selway, Director of the SEC Division of Trading and Markets, noted that the new rules give the market needed clarity and create a rational approach to product launches while maintaining investor protection.
The decision paves the way for the faster launch of spot crypto ETFs for companies such as Solana, XRP, Litecoin, and Dogecoin, as well as Avalanche, Chainlink, Polkadot, and BNB.
According to Bloomberg, analyst James Seyffart called the development “the framework for crypto ETPs we have been waiting for.”
Criticism Inside the Commission
SEC Commissioner Caroline Crenshaw voiced concerns that the new rules could lead to the appearance of too many products on the market without sufficient scrutiny for investor protection standards.
Read also:
- Coinbase Accuses SEC of Destroying Gary Gensler’s Messages
- SEC and CFTC Approve Spot Crypto Trading on Registered Platforms
- "Very Few": SEC Chair Said Most Tokens Are Not Securities
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