On July 31, Bloomberg ETF senior analyst Eric Balchunas posted on social media that the U.S. Securities and Exchange Commission (SEC) has released new trading platform filing documents for cryptocurrency ETP "listing standards".
The core conclusion is: Any token listed on the Coinbase derivatives trading platform and with futures trading continuing for more than 6 months is expected to be approved. Currently, about a dozen mainstream cryptocurrencies meet the standards, consistent with previous predictions of over 85% probability. The only unresolved issue is the timing, with these ETFs potentially being collectively approved between September and October this year.
For Altcoins or MEME coins (such as BONK, TRUMP, etc.) that have not yet launched futures, ETF conversion would require relying on the Investment Company Act of 1940 pathway, adopting a different product structure. Historically, regulators have been more inclined to adopt the "pure spot" ETF model based on the Securities Act of 1933.
Note: The SEC has published listing standards for cryptocurrency ETPs, but most of the upcoming cryptocurrency products will likely adopt an ETF structure.
