SEC Quietly Pushes for Single-Track Crypto ETF Listings – A Game Changer for Exchanges?

The SEC is making stealth moves to streamline crypto ETF approvals—cutting through red tape while Wall Street scrambles to keep up.

Behind closed doors, regulators and exchanges are hammering out a new playbook. Single-track listings could slash approval times, but skeptics wonder if it's just another bureaucratic half-measure.

One thing's clear: When the suits finally figure out blockchain, they'll still take 20% in management fees.

A regulatory shift born of necessity?

For an agency often criticized for its incrementalism, the SEC’s apparent willingness to consider a standardized path for token ETF listings marks a rare concession to operational reality.

The MOVE follows years of mounting pressure from asset managers, lawmakers, and even courts questioning the agency’s inconsistent treatment of crypto products, causing clogged filing pipelines and extensive back-and-forth with issuers.

The current dual-filing system, which requires both an S-1 registration and a 19b-4 exchange rule change, has long been criticized as redundant, often adding months of unnecessary delays. The Grayscale Bitcoin Trust’s landmark legal victory last summer, which forced the SEC to reconsider its spot Bitcoin ETF denials, exposed the regulatory arbitrage at play.

Now, with Bitcoin and ethereum ETFs already trading, the agency appears to be preemptively structuring a clearer path for the next wave of funds, before another courtroom showdown forces its hand.

This effort comes as crypto ETFs have evolved from niche products to mainstream contenders, with global assets under management surpassing $90 billion this year. But the SEC’s case-by-case approvals, often mired in repetitive disclosures and last-minute revisions, have struggled to keep pace.

The proposed single-track system suggests the agency is acknowledging an unavoidable reality: crypto ETFs are here to stay, and manual vetting of every filing is unsustainable.

By offloading initial eligibility checks to exchanges, regulators could focus on systemic risks rather than paperwork. The move mirrors the SEC’s 2020 “ETF Rule” modernization, which simplified traditional ETF launches, but with a critical twist. Unlike conventional funds, crypto ETFs face unique custody, valuation, and market manipulation risks, meaning any new standards will need to address these concerns head-on.

If implemented, the changes could trigger a Gold rush among mid-tier asset managers previously deterred by the cost and complexity of the 19b-4 process. However, the devil lies in the undisclosed listing criteria.