At first glance, that might look like a setback, but in reality it signals a shift to a faster approval path under the regulator’s newly adopted framework.

Traditionally, ETFs required a Section 19(b) filing, a process known for dragging on for months and often leading to delays or rejections. The SEC’s new rules change that dynamic.

Under the updated generic listing standards, products that meet specific eligibility requirements – such as having CFTC-regulated futures contracts – can bypass the old system and go straight to market once approved by exchanges.

This explains why issuers are being told to withdraw their pending paperwork: those filings are no longer necessary in the post-GLS environment.

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Instead, crypto-based ETFs could start appearing on exchanges much sooner than expected. Bloomberg analyst Eric Balchunas noted that this shift had been anticipated, though the precise launch timeline remains uncertain.

Analysts have suggested for months that the rule change would open the door for a broad wave of cryptocurrency ETFs beyond Bitcoin and Ethereum. If so, investors may see funds tied to some of the most popular altcoins hitting the market in the near future – potentially changing the competitive landscape of digital asset investing in the U.S.

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