The U.S. Securities and Exchange Commission (SEC) is making it easier to list spot cryptocurrency exchange-traded funds (ETFs) on American markets.
The Wall Street regulator has amended the rules for exchanges to list ETFs that track the spot prices of commodities, including cryptocurrencies such as Bitcoin (BTC).
Going forward, the SEC will not review each new crypto ETF that files to list on a U.S. exchange such as the Nasdaq Composite (NDAQ) or S&P 500.
The decision enables exchanges to proceed with the listing of proposed crypto ETFs without going through the lengthy 19(b) rule filing process that can take up to 240 days.
Analysts said the change streamlines the process for listing new crypto ETFs on Wall Street and also reduces regulatory oversight of new listings.
SEC Chair Paul Atkins said the decision is aimed at reducing barriers for investors to access cryptocurrencies and other digital assets.
Alongside the rule change, the SEC also approved Grayscale’s Digital Large Cap Fund, which tracks the prices of cryptos such as Bitcoin, Ethereum (ETH), and XRP (XRP), among others.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $117,200 U.S., having gained 25% this year.
