The U.S. Securities and Exchange Commission (SEC) approves proposed rule changes to adopt generic listing standards for crypto exchange-traded funds (ETFs) filed under the commodity rule by securities exchanges such as Nasdaq. This makes XRP, Shiba Inu (SHIB), and Hedera (HBAR) among 12-15 crypto assets eligible for faster ETF launch.
US SEC Passes Generic Listing Standards for Crypto ETFs
The U.S. SEC approves generic listing standards for crypto ETFs, according to an official announcement by the commission on September 17. Nasdaq, NYSE, and Cboe can now list and trade commodity-based trust shares of eligible spot commodities, including digital assets, without submitting a 19b-4 form. This reduces the crypto ETF approval timeline from 240 days to 75 days under the Securities Act of 1933.
“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets,” said SEC Chairman Paul S. Atkins.
U.S. SEC Approves Crypto Generic Listing Standards. Source: SEC“This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets,” he added.
The generic listing standards provide much-needed regulatory clarity and certainty to the investment community, while ensuring investor protections.
Bloomberg ETF analysts Eric Balchunas and James Seyffart expect more than 100 crypto ETFs to launch in the next 12 months. The existing spot crypto ETFs may see accelerated approval in the coming weeks.
XRP, SHIB, HBAR Among 15 Top Crypto Eligible for Faster Approval
Crypto assets that have futures contract trading on a regulated platform, such as Coinbase, are eligible for faster approval within 75 days. Bloomberg senior ETF analyst Eric Balchunas revealed 12-15 coins that have futures on Coinbase. These include XRP, Shiba Inu (SHIB), Hedera (HBAR), Cardano (ADA), Dogecoin (DOGE), and Stellar (XLM).
CFTC-Regulated Futures Assets. Source: Eric BalchunasIn addition to generic listing standards for crypto ETFs, the SEC also approves Grayscale Digital Large Cap Fund, which holds BTC, ETH, XRP, SOL, and ADA.
The commission also approved the listing and trading of p.m.-settled options on the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index with third Friday expirations, nonstandard expirations, and quarterly index expirations.
XRP, SHIB, and HBAR Prices Jump
Crypto prices across the market surged after FED Chair Jerome Powell announced a 25 bps Fed rate cut. Prices of eligible crypto jumped further higher after the SEC approved generic listing standards.
XRP price climbed more than 3% in the past 24 hours, currently trading at $3.10. The 24-hour low and high were $2.99 and $3.11, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating huge interest among traders.
Meanwhile, SHIB price soared nearly 4% to $0.00001354 over the past 24 hours, supported by a 38% rise in trading volume. Also, HBAR jumped more than 4% in the last 24 hours, with the price currently trading at $0.2458.
Source: https://coingape.com/xrp-shib-hbar-among-15-to-get-faster-crypto-etf-approval-under-sec-new-rule/
