Cryptocurrencies XRP, SHIB, and HBAR among 15 potentially speeding through ETF approval process due to new SEC regulations
The United States Securities and Exchange Commission (SEC) has made a significant move in the digital asset industry by approving generic listing standards for crypto exchange-traded funds (ETFs). This decision is expected to reduce the approval timeline for crypto ETFs from 240 days to 75 days under the Securities Act of 1933.
The approval paves the way for Nasdaq, NYSE, and Cboe to list and trade commodity-based trust shares of eligible spot commodities, including digital assets, without the need for a 19b-4 form. This development is a significant step towards mainstream adoption of digital assets in the U.S. capital markets.
SEC Chairman Paul S. Atkins commented on the approval, stating that it ensures the U.S. capital markets remain the best place for digital asset innovation. The move provides regulatory clarity and certainty to the investment community while ensuring investor protections.
Grayscale Digital Large Cap Fund, which holds BTC, ETH, XRP, SOL, and ADA, is among the first ETFs to benefit from the new generic listing standards. The approval of this fund underscores the SEC's commitment to fostering innovation in the digital asset space.
The approval also opens the door for a potential influx of crypto ETFs in the coming months. Bloomberg ETF analysts, Eric Balchunas and James Seyffart, predict more than 100 crypto ETFs could launch in the next 12 months. Among the crypto assets now eligible for faster ETF launch are XRP and Shiba Inu (SHIB).
Crypto assets with futures contract trading on a regulated platform, such as Coinbase, are also eligible for faster approval. Eric Balchunas revealed that 12-15 coins have futures on Coinbase, including XRP and SHIB.
The approval comes at a time when the crypto market is experiencing a surge. After FED Chair Jerome Powell announced a 25 bps Fed rate cut, crypto prices across the market surged. Eligible crypto prices, such as XRP and SHIB, have seen further increases after the SEC's approval of the generic listing standards.
In the past 24 hours, XRP has climbed more than 3% to $3.10, and Shiba Inu (SHIB) has soared nearly 4% to $0.00001354. The trading volume for these assets has also increased significantly, with XRP seeing a 40% increase in the last 24 hours.
This development is a positive sign for the crypto industry, indicating a more favorable regulatory environment and increased investor confidence. As the industry continues to evolve, we can expect to see more innovative products and services emerging in the U.S. capital markets.
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