TLDR
Cboe and NYSE Arca propose generic listing standards to bypass 19b-4 delays.
The SEC could approve or reject the proposed changes in 21 to 240 days.
New rules aim to reduce cost and time for crypto ETF market entries.
SEC recently approved in-kind redemptions for Bitcoin and Ethereum ETFs.
Cboe BZX Exchange and NYSE Arca have jointly filed proposals with the U.S. Securities and Exchange Commission (SEC) to create generic listing standards for crypto exchange-traded funds. If approved, these standards could allow quicker listing and trading of crypto ETFs without needing separate filings for each product.
Both exchanges submitted their respective 19b-4 forms on Wednesday, seeking amendments to SEC rules that currently require a detailed review for every new crypto ETF. The current review period can last up to 240 days. A Cboe spokesperson confirmed that under the proposed rule, qualifying crypto ETFs would not need individual SEC approvals, which could streamline the listing process.
Proposed Framework Targets Commodity-Based Trust Shares
Cboe’s filing asks the SEC to change Rule 14.11(e)(4), which governs the listing of Commodity-Based Trust Shares. These are shares in a trust that holds commodities, including cryptocurrencies, and trades them on regulated exchanges.
According to the filing, this rule change would allow issuers to list and trade crypto ETFs that meet certain requirements under a standardized framework. Nate Geraci, president of NovaDius Wealth, explained that the change would remove the need for “specific approval for each crypto ETF as long as it meets certain criteria.”
Cboe just filed 19b-4 requesting a rule change which would allow crypto ETFs to list & trade under a standard framework…
In other words, issuers wouldn’t have to request specific approval for each crypto ETF as long as it meets certain criteria. pic.twitter.com/BXC2fSZGxB
— Nate Geraci (@NateGeraci) July 30, 2025
The Cboe spokesperson added that a separate amendment would be made later to include a quantitative initial listing requirement, following SEC guidance.
Potential Timeline for SEC Decision
The SEC could approve or disapprove the proposals within 21 days or as late as 240 days, depending on its review process. While the proposals are currently qualitative, the exchanges have indicated they will later introduce minimum asset thresholds and other numeric criteria to align with regulatory expectations.
NYSE Arca, in its own proposal, noted that reducing the listing time and administrative burden would help encourage more issuers to enter the market.
“This would promote competition and benefit the investing public,” NYSE Arca said in its filing.
Regulatory Shifts and Market Demand
The proposals come amid a growing list of ETF applications covering various cryptocurrencies such as Solana (SOL), XRP, and Dogecoin (DOGE). Many of these were filed earlier this year, following President Donald Trump’s entry into office. His administration is widely seen as more open to crypto innovation and market development.
Just a day before these filings, the SEC approved in-kind redemptions for both Bitcoin and Ethereum ETFs. It also raised position limits for Bitcoin ETF options. These updates signal growing regulatory openness to a more efficient ETF ecosystem in the crypto space.
Previously, firms had to navigate complex redemption structures, with the SEC favoring a cash-based system that required custodial transfers. With in-kind redemptions now permitted, issuers can exchange ETF shares directly for crypto assets, improving operational efficiency.
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