SEC approves generic listing standards for spot commodity and crypto ETPs

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Daria Chernytska

18.09.2025

SEC approves generic listing standards for spot commodity and crypto ETPs — SEC decision reshapes U.S. ETF market

The U.S. Securities and Exchange Commission (SEC) has taken a major step toward expanding investor access to digital assets and other spot commodities. On Wednesday, the Commission voted to approve proposed rule changes from three national stock exchanges, allowing them to adopt generic listing standards for exchange-traded products (ETPs) backed by spot commodities—including cryptocurrencies.

Under the new framework, exchanges may now list and trade Commodity-Based Trust Shares that meet these standards without filing individual rule change proposals with the SEC under Section 19(b) of the Exchange Act, according to the regulator’s press release. The move is intended to simplify the listing process, lower regulatory barriers, and boost efficiency in the fast-growing market for commodity-backed investment products.

Leadership support

SEC Chairman Paul S. Atkins highlighted the significance of the approval in strengthening the U.S. financial markets as a hub for innovation. “By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets,” he said. Atkins stressed that the decision both broadens investor choice and fosters innovation by reducing barriers to new products.

Jamie Selway, Director of the SEC’s Division of Trading and Markets, added that the change would provide “much needed regulatory clarity and certainty” for asset managers and investors. He emphasized that the Commission’s rules-based approach balances innovation with investor protection, ensuring transparency and orderly trading.

Immediate market impact

Alongside the rule changes, the SEC also approved the listing of the Grayscale Digital Large Cap Fund, an investment vehicle holding spot crypto assets based on the CoinDesk 5 Index. In addition, the Commission authorized trading of p.m.-settled options on the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index, covering both standard and nonstandard expiration contracts.

Industry reaction

Market watchers quickly weighed in on the implications. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said the ruling “opens the way for spot crypto ETFs to launch without going through a lengthy approval process each time,” provided futures trading exists for the underlying asset. He noted that around 12–15 coins currently listed on Coinbase could be initial candidates.

Bitwise CIO Matt Hougan drew parallels to the SEC’s adoption of the so-called “ETF Rule” in 2019, which accelerated the launch of traditional ETFs from about 117 annually to nearly 370. Balchunas added that crypto could follow a similar trajectory, predicting that more than 100 crypto ETFs might launch within the next 12 months.

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The SEC’s decision marks not only a regulatory breakthrough but also the potential beginning of a new era for digital ETPs, with rapid product expansion expected across U.S. markets.

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