Cboe and NYSE propose cryptocurrency ETF listing standards to the SEC.

## Significant Reduction in Approval Process

On the 30th, Cboe's BZX Exchange and NYSE Arca proposed comprehensive listing standards for cryptocurrency exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). Under the current system, a 19b-4 form must be submitted for each individual security, requiring a review period of up to 240 days; however, under the new standards, ETFs that meet certain criteria will be able to list without individual approval.

If the SEC approves the proposed comprehensive standard, qualifying cryptocurrency ETFs will be able to list and trade without the 19b-4 form requirements. A Cboe spokesperson expressed optimism, stating that "the significant reduction in the review period will result in a more efficient process for market participants."

Cboe has applied for a change to Rule 14.11(e)(4), which governs the trading and listing of commodity-based trust shares. In this regard, Nate Geraci, president of Novadius Wealth, explained on X that "as long as the issuers meet certain conditions, individual approval applications for each cryptocurrency ETF will not be necessary."

According to Eric Balchunas, an ETF analyst at Bloomberg, under the new standards, only those assets that have been traded on the Coinbase derivatives exchange for more than six months will be eligible for approval.

Additionally, Mr. Balchunas has indicated that there is a high likelihood that the approval for the current altcoin ETF applications will occur around September to October. With the introduction of the comprehensive standard, the U.S. cryptocurrency ETF market is expected to enter a new growth phase, which is anticipated to provide investors with expanded access and increased options.