This is a great question! Let me break it down simply: the SEC requiring almost all institutions applying for crypto ETFs to withdraw their 19b-4 filings is actually a good thing. Previously, both 19b-4 and S-1 were essential steps for ETF approval, and the process took a long time. Now, with the SEC's latest universal listing standards, 19b-4 is no longer needed. You only need to apply for S-1 and ensure that the prospectus, custody arrangements, and risk control disclosures meet the requirements. The SEC's review focus has also shifted from the registration statement itself to the details of the ETF product, including custody, liquidity, market manipulation risks, and clearing mechanisms. Once the registration statement is approved and effective, exchanges can directly list these ETFs. So essentially, the 19b-4 step is eliminated, speeding up the review process and reducing waiting time. Definitely a good thing! Sponsored by Bitget ｜ @Bitget_zh