The SEC said exchanges are now allowed to place and trade commodity trust shares that meet the new general requirements, while reducing the time between filing and launch.
The U.S. Securities and Exchange Commission (SEC) announced on Wednesday that it has voted to approve rule changes proposed by three major exchanges that define common listing standards for new products that track the prices of cryptocurrencies and spot commodities.
The SEC said exchanges are now allowed to place and trade commodity trust shares that meet the new general requirements, while reducing the time between filing and launch.
This vote removes the last hurdle for listing and launching a range of new exchange-traded funds tied to alternative cryptocurrencies such as Solana, Dogecoin, XRP, and others.
So far, the SEC has required two applications for listing new ETFs – one from the exchange hosting the fund and one from the fund operator. This process has been simplified, and the maximum time from application submission to launch has been reduced to 75 days from 240 days.
The SEC also approved the listing and trading of the Grayscale digital large cap fund, which holds spot digital assets included in the CoinDesk 5 index.
"This approval helps maximize investor choice and promotes innovation by simplifying the listing process and reducing barriers to access to digital asset products within America's robust capital markets," SEC Chairman Paul Atkins said in a press release.
This step is largely in line with the pro-currency position championed by the administration of US President Donald Trump. Trump promised to promote broader adoption of cryptocurrencies and earlier this year signed an executive order allowing retirement plans such as 401(k) to invest in cryptocurrencies.