The United States continues to ease digital asset regulation, with the SEC significantly lowering the application threshold for "digital currency ETFs."

The United States continues to ease digital asset regulation, with the SEC significantly lowering the application threshold for "digital currency ETFs."

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A pivotal moment has arrived again for U.S. digital asset regulation, as the SEC has significantly simplified the digital currency ETF approval process, paving the way for spot crypto ETFs such as Solana and XRP.

On September 17 local time, the SEC voted to approve proposed rule changes from three major national securities exchanges, clearing the path for a fully open digital asset ETF market. This decision marks a significant shift in U.S. digital asset regulatory policy and will pave the way for spot crypto ETFs for a variety of assets from Solana to Dogecoin.

The new rules establish general listing standards and greatly simplify the approval process for digital currency ETFs. Asset management firms and exchanges can now apply for new spot crypto ETFs based on unified standards, without having to go through lengthy custom regulatory reviews. The approval time has been shortened from the previous 240 days or more to a maximum of 75 days.

The first products expected to benefit will be ETFs tracking Solana and XRP. Asset management companies began submitting applications for these products to the SEC over a year ago, but until now, the regulator has only approved Bitcoin and Ethereum spot ETFs.

This is the latest move by the Trump administration to push digital asset mainstream adoption, in sharp contrast to the previous Biden administration's cautious stance. Industry insiders say that although the regulatory gate has opened, final product launches will still require follow-up work on marketing plans, legal documents, and service providers.

General Listing Standards Officially Take Effect

The rules approved by the SEC this time involve the New York Stock Exchange (NYSE), Nasdaq, and Cboe Global Markets.

The new rules establish general listing standards for digital assets and other spot commodity ETFs, and asset management firms and exchanges must meet these standards to obtain approval for new spot crypto ETFs.

The SEC's order issued this July detailed the specifics of these listing standards. Previously, the SEC reviewed each spot crypto ETF application on a case-by-case basis, requiring exchanges and asset managers to submit two separate applications to different departments.

Teddy Fusaro, President of Bitwise Asset Management, said:

"This is a watershed moment in U.S. digital asset regulatory approach, overturning more than a decade of precedent since the first Bitcoin ETF application in 2013."

Significant Improvement in Approval Efficiency

The new process will significantly speed up the listing of digital currency ETFs. According to reports, the maximum time from application to listing will be cut from 240 days or more to 75 days, providing greater certainty for asset management firms eager to enter the digital asset market.

SEC Chairman Paul Atkins described the committee's approval as a move to promote innovation and reduce barriers to digital asset products in a press release. This statement reflects the Trump administration's more crypto-friendly regulatory stance.

Steve Feinour, partner at law firm Stradley Ronon, expects that most applicants will choose a provision that allows for rapid approval of crypto ETFs for which commodity futures contracts have already been under CFTC oversight for at least six months.

He expects the first products could be listed as soon as October.

First Products About to Launch

It is widely expected in the market that ETFs tracking Solana and XRP will become the first products to be approved under the new rules. Asset managers began submitting these applications to the SEC over a year ago, but so far the regulator has only approved spot Bitcoin and Ethereum ETFs.

Even for Bitcoin ETFs, their debut in January 2024 came only after years of struggle and legal disputes. By comparison, the Biden-era SEC was slow to move on spot crypto ETFs, while the Trump administration has made clear its alignment with the crypto community and its commitment to a more supportive stance toward digital assets.

Steve McClurg, CEO of Canary Capital, which has several pending products, said: "The door is now open, but much work remains to be done."

Before the SEC’s decision, he noted that even after the committee’s vote, "marketing plans, legal applications, and cooperation with service providers all need to be addressed according to the new roadmap."

Feinour pointed out: "Not every token currently qualifies, but SEC approval will open the floodgates." This shows that while regulatory thresholds have been lowered, digital assets still need to meet specific standards to receive ETF product approval.

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