On July 31, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), announced a new policy called "Project Crypto," systematically outlining the path for digital assets to enter traditional capital markets. This includes clarifying the classification of crypto tokens, simplifying the ICO framework, and promoting the integration of DeFi with on-chain assets. This marks a gradual shift of the SEC from high-pressure regulation to a supportive and innovative "friendly transformation."
The SEC also released application documents for crypto asset management products—specifically targeting the S-1 disclosure requirements for ETFs, reducing approval barriers for individual products, and promoting a shift from the "19(b) 4 form application" to a universal listing template, which could shorten the approval time from 240 days to about 75 days.
The SEC has clearly allowed Bitcoin and Ethereum spot ETFs to use an in-kind redemption mechanism, aligning with traditional gold ETFs to optimize trading efficiency and arbitrage structures.
Market feedback indicates that this reform has the potential to create a supply contraction pattern for Bitcoin spot ETFs of up to $700 billion, becoming a key variable in driving changes in BTC price structure and liquidity.
BlackRock, Nasdaq, and Cboe BZX have officially submitted staking applications for Ethereum ETFs. The SEC has submitted BlackRock's ETHA-related documents, with expected annualized returns of up to 3.5%, making it the industry's first compliant on-chain yield product.
Analysts like Hank Huang, CEO of Kronos Research, believe that once the staking mechanism is approved, it will significantly stimulate institutional interest in long-term ETH allocation and may create a new investment paradigm that combines yield and price growth.
The SSK ETF launched by REX-Osprey has become the first crypto ETF registered in the U.S. that supports Solana staking, with a trading volume of $20 million on its first day. This product structure differs from Bitcoin and Ethereum ETFs, utilizing the 1940 Securities Act framework, giving Solana a first-mover advantage.
Despite its annual fee being as high as 1.4%, significantly above BTC/ETH ETFs, its estimated staking annualized yield of over 7% offsets some of the costs and quickly becomes a focal point in the industry.
Institutional fund flows are diverging: Bitcoin remains the mainstream entry point for funds, but once Ethereum ETFs can be staked, there will be a shift of funds towards yield-generating assets, enhancing ETH's capital appeal.
Asset pricing and risk models are being updated: The in-kind redemption mechanism reduces the price difference between ETFs and market prices, lowers structural arbitrage thresholds, and minimizes cash handling friction; while staking yields enhance total returns for funds and increase the attractiveness of long-term holding.
Balancing on-chain and compliance pathways: Current institutional trends indicate that U.S. regulators are building a framework that can accommodate tokenized securities and DeFi products, with ETFs being just one of the initial models for implementation.
Accelerated registration and approval: Following the introduction of universal listing standards, multiple ETFs such as Solana, XRP, and Litecoin are expected to gain expedited approval, leading to a surge in the market in the second half of the year.
Progress in ETH ETF staking acceptance: If BlackRock and other ETFs complete staking regulatory approvals, it is expected to become a significant turning point for ETH capital allocation.
Intensified overall asset net inflows: If policies are implemented, mainstream funds are expected to continue entering spot Bitcoin and Ethereum ETFs, deepening connections with traditional securities markets.
Risks and policy red lines still exist: The complex structure of ETFs, relatively high management fees, and incomplete regulatory details mean that investors must remain vigilant about valuation premiums, on-chain risks, and liquidity fluctuations, especially the operational risks of new chain staking models.
Crypto ETFs are undergoing a structural upgrade in the regulatory framework: regulation is shifting from restriction to integration, from prohibition to compliance acceptance. "Project Crypto" and the SEC's review mechanism reform open the door to a new era for ETFs; supporting staking ETFs and Solana products indicates that yield-generating crypto assets are becoming a mainstream choice for institutional allocation. The next six months will be a critical juncture for the ETF industry, transitioning from merely tracking prices to creating yields while balancing trust and liquidity. Before investors actively participate, they should pay attention to the speed of regulatory implementation, structural costs, risk control frameworks, and capital inflow pathways.
Related: The U.S. Securities and Exchange Commission (SEC) launches the "Project Crypto" initiative aimed at reshaping digital asset regulations.
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