SEC Introduces Universal Listing Standards for Crypto ETPs
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What’s New?
Broad Listing Thresholds Introduced by CBOE
Through a filing to the SEC, CBOE has proposed generic listing standards that could streamline approvals for crypto asset ETPs. Tokens eligible for listing must satisfy:
At least six months of trading futures activity on a Designated Contract Market (e.g., Coinbase Derivatives),
A surveillance-sharing agreement between the exchange and the contract market (e.g., via ISG membership) The Block+7crypto.news+7PANews+7.
Bloomberg analyst Eric Balchunas highlights that roughly a dozen major altcoins—such as Solana (SOL), XRP, Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Polkadot (DOT), Litecoin (LTC), Stellar (XLM), Avalanche (AVAX), Hedera (HBAR)—meet these criteria and could be approved by fall 2025 PANews+4crypto.news+4Bitcoin Sistemi+4.
🚨 SEC Approves In-Kind Creation & Redemption
Earlier on July 29, the SEC formally permitted in-kind creations and redemptions for crypto ETPs, aligning them with traditional commodity ETF structures. This allows authorized participants to exchange ETP shares directly for crypto assets (e.g., Bitcoin or Ether) instead of cash—reducing transaction costs, slippage, and improving liquidity efficiencyPYMNTS.com+11SEC+11National Law Review+11.
SEC Chair Paul S. Atkins characterized the change as part of building a “fit‑for‑purpose regulatory framework” for digital assets, supported by Commissioner Mark Uyeda and others AInvest+4SEC+4National Law Review+4.
Other SEC approvals include applications to list mixed Bitcoin-Ether ETPs, options and FLEX products on BTC ETPs, and proposed increases in position limits for listed options (up to 250,000 contracts) crypto.news+5SEC+5National Law Review+5.
📊 Impact Summary
| Regulatory Update | Implication |
|---|---|
| Listing Standards | Enables blanket approval for eligible tokens—faster go-to-market process |
| In-Kind Redemptions | Reduces cost and slippage; boosts liquidity and operational efficiency |
| Broader Crypto Product Scope | Mixed spot Bitcoin/Ethereum ETPs and altcoin-based products now viable |
Industry insiders expect Solana and XRP ETPs to launch by October 2025, now that they qualify under the generic standards PANews+10Mitrade+10Cointelegraph+10AInvestReuters+5PYMNTS.com+5Reuters+5Bitcoin Sistemi+4National Law Review+4SEC+4.
🔍 Broader Regulatory Context
Earlier in July, the SEC issued new guidance on disclosure requirements for crypto ETPs, emphasizing detailed transparency on custody, liquidity, and risk factors Bitcoin Sistemi+4Reuters+4PYMNTS.com+4.
At the same time, broader U.S. crypto policy is undergoing transformation under the Trump administration, including working group proposals on tokenization, market infrastructure, and stablecoin legislationSEC+15Reuters+15apnews.com+15.
✅ Conclusion
The new SEC listing standards and approval of in-kind mechanisms represent a pivotal shift in crypto regulation. These moves aim to align crypto ETPs with traditional finance standards, making product launches faster, cheaper, and more efficient—especially for well-established tokens that have futures liquidity. With Solana, XRP, and possibly a dozen other altcoins in the pipeline, mainstream adoption of regulated crypto investment products appears imminent.