Author: cole

On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) made a seemingly mundane yet historically significant decision: it approved a "general listing standard" for exchange-traded products (ETPs) related to spot commodities, including digital assets.

To outsiders, this is just a convoluted piece of news. But for the believers, developers, and investors who have been navigating the crypto world for years, it is akin to a thunderclap. SEC Chairman Paul S. Atkins' official statement sounds restrained and professional: "This move aims to maximize investor choice and promote innovation by simplifying the listing process."

However, the market's interpretation is more straightforward and fervent: the era of cryptocurrency "ETPalooza" has arrived.

So what does this wave really mean? What financial magic is hidden behind the mysterious code "ETP"? More importantly, how will this capital feast fundamentally reshape the landscape of the crypto world when the regulatory green light is on?

01 Your "Crypto ETF" is Not a Real ETF

To understand this transformation, we must first clarify Wall Street's "alphabet soup." What we commonly refer to as "crypto ETFs" is actually a broad term that conceals different product structures and risks.

• ETP (Exchange-Traded Product): This is the umbrella term for all such products, which can be bought and sold on exchanges like stocks.

• ETF (Exchange-Traded Fund): This is the "model student" of the family. It is a true fund that directly holds a basket of assets (such as stocks or bonds) that it tracks. In the U.S., the vast majority of ETFs are strictly regulated under the Investment Company Act of 1940, which requires asset diversification and provides the highest level of protection for investors.

• ETC (Exchange-Traded Commodity): This is a tailored vest for cryptocurrencies. Since Bitcoin or Ethereum is a single asset and cannot meet the "diversification" requirement of the 1940 Act, a "spot Bitcoin ETP" cannot legally register as a standard ETF. Its true structure resembles an ETC—a debt security backed by a single commodity (like gold or Bitcoin) that is held in real terms.

Core distinction: When you purchase a so-called "spot Bitcoin ETF," you are not buying a diversified fund fully protected by the 1940 Act. You are buying a trust product that tracks a single asset and is structured more like an ETC. Although it is also traded on compliant exchanges, its inherent regulatory protection and risk profile are fundamentally different from traditional stock ETFs.

02 Revolutionary Shift in SEC Approval

The SEC's new rules effectively upgrade the issuance of crypto ETPs from a muddy, lengthy manual review path to a clearly defined highway.

Old World: Long Waits

In the past, any spot crypto ETP seeking to list had to submit a separate application to the SEC, a process that could take up to 240 days, with uncertain outcomes. Issuers had to prove their ability to "prevent fraud and market manipulation," which is a very high bar.

New Era: "Highway" Opens

The new "general listing standard" has completely changed this. Now, as long as a crypto asset meets the preset standards, the related ETP product can be listed directly, shortening the entire process to 60-75 days.

For the crypto industry, the most critical standard is that the asset's futures contracts have been traded on a market regulated by the U.S. Commodity Futures Trading Commission (CFTC) for at least six months. The SEC's move is very clever; it leverages the achievements of its sibling regulatory agency, the CFTC, to assess whether the corresponding spot market is healthy enough through a mature futures market.

"Green List" Released and Key Roles Clarified

According to this new rule, a "green list" immediately surfaced. All crypto assets traded on the CFTC-regulated Coinbase Derivatives exchange for over six months automatically receive a "highway pass" for their spot ETPs. This list includes: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Stellar (XLM), and Ripple (XRP), among others.

It must be noted that the SEC's approval is directed at traditional securities exchanges like Nasdaq, Cboe, and NYSE Arca—these are the "stores" where end investors buy and sell ETP shares.

So what is Coinbase's role? It is the upstream "qualification certification center." A crypto asset's futures contract having a six-month good trading record on the CFTC-regulated Coinbase Derivatives market is its ticket to qualify for the "fast lane."

In short: Coinbase's compliant futures market is the "touchstone," while exchanges like Nasdaq are the ultimate "trading markets."

03 The "ETP Feast" Begins

The SEC's decision has opened Pandora's box, and its ripple effects will create huge waves in every corner of the market.

1. Capital Restructuring: A "Conduit" for Hundreds of Billions in Funds

The first batch of spot Bitcoin ETPs attracted over $36 billion in net capital inflow within just one year of launch. This proves how immense the suppressed investment demand in the market is. Many traditional investors are eager to enter the crypto market but are blocked by technical barriers like managing private keys and using wallets.

Now, ETPs provide them with a perfect bridge. They can buy Solana or Chainlink with a single click in their familiar brokerage accounts, just like buying Apple stock. Analysts predict that there may be "over 100 crypto ETPs" launched in the next 12 months, and a massive bull market driven by mainstream capital may be brewing.

2. Structural Restructuring: Crypto Market Has "Wall Street Time"

The emergence of ETPs is fundamentally changing the "heartbeat rhythm" of the crypto market.

• "4 PM Effect": Since ETP issuers need to calculate the fund's net asset value around 4 PM New York time, they must buy and sell real crypto assets in large volumes around this time. This leads to a predictable and significant spike in trading volume on exchanges like Coinbase during this time each day. The original 24/7 trading characteristic of the crypto market is gradually being "tamed" and starting to synchronize with Wall Street's schedule.

• Return of the "Physical Redemption" Mechanism: Recently, the SEC finally approved the "physical redemption" mechanism. This means that large market makers can directly exchange a basket of real Bitcoin for ETP shares instead of cash. This is the standard operating mode for the vast majority of mature ETFs, significantly reducing costs and improving efficiency.

3. Power Restructuring: Coinbase's Glamorous Transformation and the "New War" Among Exchanges

The rise of ETPs is rewriting the survival rules of crypto exchanges. For compliant giants like Coinbase, this is both a "crisis" and an "opportunity."

• "Crisis" lies in the fact that when investors can easily purchase crypto products through traditional brokerages, a portion of Coinbase's retail trading fee income will undoubtedly be diverted.

• "Opportunity" is even greater. Coinbase is rapidly transforming into the "arms dealer" of the entire ETP ecosystem. It provides critical custody, market data, and monitoring services for almost all mainstream ETP issuers, opening up a new, profitable, and stable B2B institutional business frontier.

In contrast, exchanges with shallower roots in the U.S. regulatory system will undoubtedly be on the defensive in competing for this emerging institutional business. A new war over institutional services has already begun.

04 Conclusion

The "highway" paved by the SEC for crypto ETPs is undoubtedly a watershed moment in the history of crypto asset development.

However, this is just the prologue, far from the end. As the crypto market becomes deeply intertwined with traditional finance, it will increasingly be influenced by macroeconomic data, Federal Reserve policies, and global risk sentiment. For those of us involved, the only certainty is that the rules of the game have changed. Understanding the rules, embracing change, and maintaining a sense of awe towards risk will be the ultimate principles for survival and development in this exciting industry.

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