Open the gates: Why SEC cleared path for crypto ETFs

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SEC simplifies crypto ETF launches

A turning point in SEC policy

The U.S. Securities and Exchange Commission (SEC) has approved changes that simplify the launch of spot cryptocurrency ETFs. Exchanges such as NYSE, Nasdaq, and Cboe have been granted the right to apply unified listing standards for Commodity-Based Trust Shares. In other words, if a product meets pre-approved criteria, it can be listed for trading without separate, manual approval.

For the market, this means reducing the maximum approval cycle from 240 to 75 days. The decision took effect on September 17, 2025, and could become a key step in transforming the regulatory approach.

How many applications are in the queue

As of late August 2025, the SEC had 92 active applications for the launch of cryptocurrency ETFs. These include not only Bitcoin and Ethereum funds already trading in the U.S., but also dozens of products based on other assets — from Solana and XRP to baskets of altcoins.

Until now, the regulator has dragged out decisions for months, and sometimes years. Now these applications may proceed under the new procedure much faster — what analysts call the «opening of the floodgates».

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Who might be first

The market expects Solana and XRP ETFs to be the first to launch under the new rules. Applications for these assets have long been filed, and the infrastructure is already in place: custodial services, calculation audits, and derivatives trading. The first funds could debut as early as October, provided issuers adapt their documents in time.

What industry players are saying

Bitwise Asset Management president Teddy Fusaro called the SEC’s decision «a watershed that overturns a decade of resistance» and reminded that the first Bitcoin ETF application was filed back in 2013.

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Not all comments are positive, however. Steve McClurg, CEO of Canary Capital, warned:

«The gates are open, but there is still much work ahead: marketing plans, legal filings, engagement with providers — all of this must be adapted to the new regulatory roadmap».

Why it matters

For the U.S., this is not just a technical reform, but a symbolic shift. If the approval of the first Bitcoin ETFs in early 2024 became the «entry point» for institutional investors into the crypto market, the current decision sets a systemic trajectory.Now the conversation is about the full spectrum of crypto ETFs, potentially covering dozens of assets. This promises not only diversification for investors but also the elevation of cryptocurrencies as an independent asset class.

Where the risks lie

Despite the enthusiasm, risks remain. The accelerated procedure could lead to the launch of products with insufficient infrastructure or weak management. In the volatile crypto market, this creates the threat of legal disputes and accusations against the SEC.

Moreover, there are filters in place: an asset must have traded futures for at least six months on a DCM-level platform and meet transparency standards. Many tokens still do not meet these conditions.

What’s next

The industry expects the first listings under the new rules this fall. The SEC still has 92 active applications, and now exchanges and issuers have a clear roadmap.

This decision does not guarantee automatic success for every project, but it changes the market’s dynamics. If in the past every application was a separate battle, now cryptocurrency ETFs have a systemic pathway to investors.

As Fusaro said, «this decision cancels out a decade of resistance». But whether it marks the beginning of a mature stage for the industry — or a new wave of risks — remains an open question.

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