The United States continues to relax digital asset regulations, and the SEC significantly lowers the application threshold for "digital currency ETFs."

The regulation of digital assets in the United States has reached an important moment, as the SEC has significantly simplified the approval process for cryptocurrency ETFs, paving the way for spot crypto ETFs such as Solana and XRP.

On September 17 local time, the SEC voted to approve rule changes for three national securities exchanges, clearing the way for a comprehensive opening of the digital asset ETF market. This decision marks a significant shift in U.S. digital asset regulatory policy, paving the way for various cryptocurrency spot ETFs from Solana to Dogecoin.

The new rules establish a universal listing standard, greatly simplifying the approval process for cryptocurrency ETFs. Asset management companies and exchanges can now apply for new cryptocurrency spot ETFs based on a unified standard, without undergoing lengthy customized regulatory reviews. The approval time has been reduced from the previous 240 days or longer to a maximum of 75 days.

Market expectations are that the first products to benefit will be ETFs tracking Solana and XRP. Asset management companies began submitting applications for these products to the SEC over a year ago, but the regulator had previously only approved spot ETFs for Bitcoin and Ethereum.

This is the latest move by the Trump administration to mainstream digital assets, contrasting sharply with the cautious approach of the previous Biden administration. Industry insiders say that while the regulatory gates have opened, the final launch of products still requires completing follow-up work such as marketing plans, legal documents, and service providers.

Universal Listing Standards Officially Take Effect

The rule changes voted on by the SEC involve the New York Stock Exchange (NYSE), Nasdaq, and Cboe Global Markets.

The new rules establish universal listing standards for digital assets and other spot commodity ETFs, which asset management companies and exchanges must meet to obtain approval for new spot cryptocurrency ETFs.

The order issued by the SEC in July of this year detailed the specific content of these listing standards. Prior to this, the SEC took a case-by-case review approach for each spot cryptocurrency ETF application, requiring exchanges and asset management companies to submit two independent applications to different departments.

Teddy Fusaro, president of Bitwise Asset Management, stated:

" This is a watershed moment for the regulatory approach to digital assets in the United States, overturning over a decade of precedent since the first Bitcoin ETF application in 2013."

Approval Efficiency Significantly Improved

The new process will significantly accelerate the listing speed of cryptocurrency ETFs. Reports indicate that the longest time from application to listing will be reduced from 240 days or even longer to 75 days, providing greater certainty for asset management companies eager to enter the digital asset market.

SEC Chairman Paul Atkins described the approval by committee members in a press release as an initiative to promote innovation and reduce barriers to digital asset products. This statement reflects the Trump administration's more favorable regulatory attitude toward digital assets.

Steve Feinour, a partner at the law firm Stradley Ronon, expects that most applicants will choose a provision that allows for expedited approval of cryptocurrency ETFs that have been under the jurisdiction of the Commodity Futures Trading Commission (CFTC) for at least six months He expects the first batch of products to be launched as early as October.

The First Batch of Products is Imminent

The market generally expects that ETFs tracking Solana and XRP will be among the first products approved under the new rules. Asset management companies began submitting these applications to the SEC over a year ago, but the regulatory agency has only approved Bitcoin and Ethereum spot ETFs so far.

Even for the Bitcoin ETF, its debut in January 2024 came only after years of struggle and legal disputes. In contrast, the SEC during the Biden administration has been slow to act on spot crypto ETFs, while the Trump administration was clearly aligned with the crypto community, promising a more favorable stance on digital assets.

Steve McClurg, CEO of Canary Capital, which has multiple products awaiting approval, stated: "The door has been opened, but there is still much work to be done."

He mentioned before the SEC's ruling that even after the committee votes, "marketing plans, legal applications, and collaborations with service providers must be addressed according to the new roadmap."

Feinour pointed out: "Not every token currently qualifies, but SEC approval will open the floodgates." This indicates that while regulatory thresholds have been lowered, digital assets still need to meet specific standards to obtain ETF product approval.