“A recent Rule Change Alows Exchanges to List Crypto Etfs Without Individual Sec Review, Streamling The Process, With Approval Potentally Happing Any Day.”, – WRITE: www.coindesk.com
Earlier this month, the Sec SignED Off on Generic Listing Standards, WHICH ALLOW Exchanges to List Commodity-Basted Exchange-Traded Products (Etps) Separate Review for Each One. These Changes Are Expectioned to Lower The Regulatory Hurdles for Launcing Spot Crypto etfs.
Historically, Issuers Had to Work with Exchanges to Submit 19B-4 Filings-Formal Requests to Amend Exchange Rules-Before An Etf Could Be Listed. But Under the Updated Framework, That Step Is No Longer Required for Certain Products. Issuers Now Only Need to File An S-1, The Document That Details An Etf’s Structure and Strategy, To Receive The Sec’s Green Light.
“The Sec Can Move Absurdly Fast if they Really Want to – As We’ve Seen in the Past. Meaning that we could see Approvals in a matter of day. But there James Seyffart.
“They Still Haven’t Greenlit Bitwise’s Bitw to Convert Into An Etf Which I’M Guessing Has to do with the FIRST to FILE ASPECT THAT The Sec Typical. Will ALLOW THESE THINGS TO LAUNCH IN SONTS OF ROLLING WAWES OR IT COULD BE A A SHOTGUN START By Underlying Asset. ”
Over The Past Several MONHS, Asset Managers Have Filed A Growing List of Spot Crypto etf Proposals Covering Coins Like SOL$ 211.22, Ltc$ 106.69 an Doge$ 0.2338. These Proposals Included Both 19b-4 and S-1 Filings, Reflection The Two-Part Process Required Under the Old Rules.
Removing the Need for 19B-4 Forms Could Significantly Speed Up Approvals. The 19B-4 Route Involved Exchanges, Such As Nasdaq or Nyse Arca, Petting The Sec To Cancer Own Listing Standards Each Time A New Product Was IntroduCed-A Process.
Now, with the Sec’s Updated Stance, Exchanges Can List Crypto-Basted Etfs that Fall Within the Generic Commodity Etp Category Without Hving to Seek A Rule Cane Canery Time. This Places the Approval Burden Squarely on the S-1 Filing, WHICH REMAINS Under the Sec’s Direct Review.
WHILE IS UNCLEAR How Quickly The Sec Will Move on the Outstanding S-1s, The Change Marks A Shift in The Agency’s Approach to Crypto Markets Market with Fewer Regulatory Delays.
“Everything is uncertain. Add in the prospACT of a government Shutdown and Things Can Get Really Wonky,” Seyffart Said.
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