Will Bitcoin protagonize singles combat?
The U.S. Securities and Exchange Commission (SEC) has taken a significant step forward in the acceptance of digital assets, approving new listing standards for crypto Exchange-Traded Funds (ETFs). This decision marks a milestone in the recognition of digital assets as a legitimate investment avenue.
Previously, the Grayscale Digital Large Cap Fund, which primarily consists of Bitcoin (nearly 80%) and Ethereum (around 11%), was only traded over-the-counter for qualified investors. However, with the SEC's approval, the fund is now set to be listed, joining Bitcoin (ISIN: CRYPT0000BTC) under the new standards. The Grayscale Digital Large Cap Fund also holds smaller stakes in Solana, Cardano, and XRP.
The new listing standards, which were approved in an expedited process, are expected to keep investors on board with Bitcoin and potentially attract fresh capital due to the flood of new, regulated investment products. These products could lead to a significant boost for leading altcoins like Solana, XRP, and others.
The simplified approval process is a result of requests from major exchange operators such as Nasdaq, NYSE Arca, and Cboe BZX, who sought to streamline and expedite the listing of "commodity-based trust shares," which include crypto assets. Dozens of fund providers are already lined up and eager to launch ETFs on popular cryptocurrencies like Solana, XRP, or Dogecoin.
The market observer commented that the new listing standards are a significant step towards the acceptance of digital assets. The new generic listing standards will significantly shorten the application process for crypto ETFs, which could take up to 240 days, opening the floodgates for a wave of new products based on altcoins like Solana, XRP, or Dogecoin.
Several asset managers, including Bitwise and 21Shares, have submitted applications for spot ETFs based on cryptocurrencies like Solana and XRP. With the U.S. SEC's approval of these new listing standards, these ETFs could potentially come to market as early as late 2025.
The SEC's decision could provide a significant boost to plans for new crypto ETFs. The simplified approval process for crypto ETFs and funds could lead to a flood of new, regulated investment products, further legitimizing digital assets as a viable investment option.
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