SEC Greenlights Nasdaq, CBOE & NYSE Plan to Streamline Crypto ETF Approval Process

Wall Street's biggest exchanges just scored a regulatory win that could turbocharge crypto adoption.

The SEC backed proposals from Nasdaq, CBOE, and NYSE to simplify listing rules for cryptocurrency ETFs—cutting through red tape that's stalled digital asset funds for years.

Streamlined Approval Pathway

New rules would create standardized frameworks for Bitcoin and Ethereum ETFs, bypassing the current case-by-case review process that's created regulatory limbo. The move signals growing institutional acceptance of digital assets as legitimate investment vehicles.

Market Impact

Approval could unlock billions in institutional capital currently sidelined by regulatory uncertainty. Traditional finance finally realizes crypto isn't going away—though they'll probably still find ways to charge 2% management fees for tracking an algorithm.

The gates are opening. Whether this brings mainstream adoption or just more Wall Street intermediation remains to be seen.

Solana And XRP Funds Seen to Be First In Line

Under the new system, the time from filing to launch can shrink to as little as 75 days, compared with up to 240 days or more under the old rules.

“This is the crypto ETP framework we’ve been waiting for,” Bloomberg research analyst James Seyffart said on X, predicting a wave of new products in the coming months.

WOW. The SEC has approved Generic Listing Standards for "Commodity Based Trust Shares" aka includes crypto ETPs. This is the crypto ETP framework we've been waiting for. Get ready for a wave of spot crypto ETP launches in coming weeks and months. pic.twitter.com/xDKCuj41mc

The first filings likely to benefit are those tracking solana and XRP, both of which have sat in limbo for more than a year.

SEC Chair Paul Atkins said the approval reflects a commitment to reduce barriers and foster innovation while maintaining investor protections. The MOVE comes under the administration of President Donald Trump, which has signaled strong support for digital assets after years of hesitation during the Biden era.

New Standards Replace Lengthy Reviews And Repeated Denials

Until now, the commission reviewed each application separately, requiring one filing from the exchange and another from the asset manager. This dual process often dragged on for months and led to repeated denials. Even bitcoin spot ETFs, finally approved in Jan. 2024, arrived only after years of resistance and a legal battle with Grayscale.

According to Bloomberg ETF analyst Eric Balchunas, the streamlined rules could apply to any cryptocurrency with at least six months of futures trading on the Coinbase Derivatives Exchange. That means more than a dozen tokens may now qualify for listing, potentially unleashing a new wave of altcoin ETFs.

SEC Clears Grayscale Large Cap Fund Tracking CoinDesk 5 Index

The SEC also approved the Grayscale Digital Large Cap Fund, which tracks the CoinDesk 5 Index, including Bitcoin, Ether, XRP, Solana and Cardano. Alongside this, it cleared the launch of options linked to the Cboe Bitcoin US ETF Index and its mini contract, broadening the set of crypto-linked derivatives on regulated US markets.

Analysts say the shift shows how far US policy has moved. Where once regulators resisted digital assets, the latest changes show a growing willingness to bring them into the mainstream financial system under established safeguards.