In mid-September, the U.S. Securities and Exchange Commission (SEC) made a significant policy change that brought substantial structural changes to the cryptocurrency ETF/ETP industry. The new regulations lowered the listing threshold for spot cryptocurrency ETFs (including Bitcoin, Ethereum, and other mainstream coins) and clarified that exchanges can directly list eligible commodity trust products based on "generic listing standards" without needing to submit each case to the SEC for individual review.

Before the new regulations, exchanges wishing to list a digital asset-based (especially spot cryptocurrency) ETF/ETP typically had to go through the Section 19(b) process, which involved public comment and the SEC's stringent approval process, potentially taking months or even years.

The new generic listing standards allow eligible commodity trust products to be directly listed by exchanges, as long as the underlying assets meet certain conditions (such as having regulated market support, transparency, and liquidity), thus avoiding the need to submit new listing rule changes each time.

Under this policy change, Grayscale's Digital Large Cap Fund (GDLC) became the first multi-coin product approved for conversion to an ETF. This fund tracks the CoinDesk 5 Index, covering mainstream coins such as Bitcoin, Ethereum, XRP, Solana, and Cardano.

This is seen as a breakthrough in the industry—meaning that investors will not be limited to just Bitcoin and Ethereum but can gain exposure to a more diversified range of cryptocurrency assets through a single product. For both institutional and retail investors, this reduces the risk associated with individual coins and simplifies portfolio management.

Following the policy release, market interest in cryptocurrency assets quickly rebounded. The assets under management of mainstream cryptocurrency ETFs continued to grow, capital flows became clearer, and investors' demands for regulatory transparency and product innovation increased.

Additionally, the likelihood of "alternative coins" like Solana and XRP being included as ETF targets has increased, which is an attractive signal given the previous approval restrictions.

Opportunities:

• Enhanced regulatory clarity: The new regulations provide a clearer, institutionalized path that helps product initiators, exchanges, and fund management institutions prepare in advance, reducing approval uncertainties.

• Accelerated product innovation: Multi-coin ETFs, thematic ETFs, and ETFs covering more categories of digital assets will be easier to launch.

• Attracting more investors: For those wanting to participate in the crypto market but unwilling to hold coins directly or manage multiple wallets/exchanges, this offers a safer and more convenient entry point.

Challenges:

• Continued risk of underlying assets: Issues such as market volatility, potential changes in regulatory policies, and market manipulation may still pose risks.

• Tracking errors and liquidity issues: Multi-coin products must handle the liquidity, costs, and regulatory differences of various coins across different exchanges and markets.

• Investor protection and compliance requirements: Some SEC commissioners still express concerns about the "generic listing standards," believing that certain products may be too novel and lack long-term testing, requiring cautious consideration.

Based on the latest developments, the cryptocurrency ETF market may continue to evolve in the following directions:

• More altcoins and thematic ETFs being listed: More coins like SOL, XRP, and ADA will be included, or there may be strategy-based ETFs related to DeFi, Layer-2, and infrastructure.

• Increased competition in product fees and transparency: As more products emerge, demands for cost structures, custody security, and asset verification will become stricter. Investors will pay more attention to fee differences and whether actual coins are held, as well as whether audits are conducted to high standards.

• Enhanced secondary market liquidity and institutional participation: Exchanges, asset management institutions, and institutional investors will drive ETFs to become more efficient in price discovery and liquidity.

• Improved regulatory and international coordination: Changes in U.S. policy will be closely observed by other countries or regions, potentially leading to a convergence of global cryptocurrency ETF regulatory standards, especially in the EU, UK, and Asian markets.

The latest "generic listing standards" and the approval of Grayscale's multi-coin ETF represent not just diversification of product forms but also a significant transformation in regulatory systems and market structures. The market is moving from being long limited to a few targets and complex processes towards a more inclusive, efficient, and diverse ecosystem. For investors who prioritize risk and rules, this is a significant window of opportunity: those who position themselves well during this period may gain an advantage in the "crypto ETF 2.0" wave.

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Original: “SEC Implements Generic Listing Standards: Crypto ETFs Reach Structural Breakthrough”

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