Following the approval of ETFs for Bitcoin and Ethereum in the US, the process for altcoin ETFs like XRP and Solana is actively progressing.
Overview of Current Status of Altcoin ETFs
Currently, the SEC has not approved any altcoin ETFs other than Ethereum. However, two major US exchanges have applied for simplified regulations for crypto ETFs.
Cboe and NYSE Initiatives to Simplify Process
The Cboe BZX Exchange and NYSE Arca filed a rule change with the SEC to expedite the processing of cryptocurrency ETF applications. They proposed allowing ETF issuers to register their products under a single framework, without the need for separate approvals for each new ETF.
Expert Opinions on the New Proposal
Experts note that the initiative from Cboe and NYSE would eliminate the current review process for applications for rule changes. Nate Geraci, president of ETF Store, said: "Cboe has filed a 19b-4 requesting a rule change that would allow crypto ETFs to be listed and traded under a standard framework. In other words, issuers would not need to seek special approval for each crypto ETF, as long as it meets certain criteria."
Thus, the new initiatives from major exchanges could significantly expedite the process of registering altcoin ETFs, easing investor access to these financial instruments.
