SEC Requests Withdrawal of Crypto ETF Filings
The US Securities and Exchange Commission (SEC) has asked issuers of XRP, Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), and Cardano (ADA) ETFs to withdraw their 19b-4 filings. This follows the SEC’s recent approval of generic listing standards for crypto products.
New Generic Listing Standards for Crypto ETFs
Under the new rules, issuers no longer need to submit 19b-4 applications for each crypto ETF. Exchanges can list these funds if they meet the new requirements. This change cuts the SEC’s approval time from up to 240 days to about 75 days.
Journalist Eleanor Terrett noted that issuers could start withdrawing their filings before the week ends. The SEC may still decide on some applications at any time.
Impact on Crypto ETF Market
- The SEC is nearing a decision deadline for Canary Capital’s spot Litecoin ETF this week.
- Decisions on ETFs for SOL, DOGE, XRP, ADA, and HBAR are expected soon.
- Bitwise’s Matt Hougan said the new standards could lead to a surge in crypto ETFs.
- On September 19, the SEC approved Grayscale’s CoinDesk Crypto 5 ETF (GDLC), the first US ETF tracking five top cryptocurrencies.
