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Investing.com-- The U.S. Securities and Exchange Commission on Wednesday said it had voted to approve rule changes proposed by three major exchanges, outlining generic listing standards for new products tracking cryptocurrency and spot commodity prices.
The SEC said the exchanges were now allowed to list and trade commodity-based trust shares by meeting newly outlined general requirements, while also slashing the amount of time taken between filing and launch.
The vote now clears the final hurdle for the listing and launch of a slew of new exchange-traded funds tied to alternative cryptos such as Solana, Dogecoin, XRP, and others.
Until now, the SEC had required two filings for the listing of new ETFs– one from the exchange listing the fund and one from the operator of the fund. This process has been streamlined, while the maximum time from filing to launch was also cut to 75 days from 240 days.
The SEC also approved the listing and trading of Grayscale’s digital large cap fund, which holds spot digital assets covered by the CoinDesk 5 index.
“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,” SEC Chair Paul Atkins said in a press release.
The move is largely in line with the pro-crypto stance espoused by President Donald Trump’s administration. Trump had vowed to push for more mainstream adoption of crypto, and had earlier this year signed an order allowing retirement plans such as the 401(k) to invest in crypto.