Breaking: SEC öffnet Tür für Krypto-ETPs – Coinbase-gelistete Coins nach 6 Monaten zugelassen

Die US-Börsenaufsichtsbehörde SEC hat ihre lang erwarteten "Listing Standards" für Krypto-ETPs veröffentlicht. Die neuen Regeln ebnen den Weg für eine breitere institutionelle Adoption.

Höhepunkt der Ankündigung: Coins, die seit mindestens 6 Monaten auf Coinbase gehandelt werden, erfüllen jetzt die Voraussetzungen für die Aufnahme in börsengehandelte Produkte. Ein klarer Wink mit dem Zaunpfahl an die Branche – wer Zugang will, muss sich an die etablierten Spielregeln halten.

Die Entscheidung kommt zu einem kritischen Zeitpunkt. Während traditionelle Finanzinstitute immer noch mit der Blockchain hadern, könnte diese Regelung endlich den Flaschenhals für institutionelle Investments öffnen. Oder, wie ein Branchenkenner spöttisch anmerkte: "Die SEC hat gerade herausgefunden, dass sie Kryptowährungen nicht ignorieren kann – also versucht sie sie wenigstens zu regulieren."

Approvals to as early as October

The proposal will make it easier to stake by requiring a liquidity risk management scheme if fewer than 85% of the assets are available for rapid redemption.

First, the Solana ETPs, which must be approved by October 10. They will meet the Generic Listing Standards this fall if the Commission gives its okay.

However, this has to be commented on and looked over. The Comment Period will probably finish 21 days after the rule is published in the Federal Register, which is likely this week. This indicates that the rule could be on a path to finality in less than 60 days.

Meanwhile, there are a handful of pending ETP applications right now, like the Solana and XRP ETPs. Before the Solana deadline of October 10 and the XRP deadline just a little later, the SEC could choose to act directly on those ETP 19b-4s or let them run out under GLS.

According to Greg Xethalis, a lawyer, XRP futures would have a timetable that was a little later because they came out after SOL futures. Still, it looks quite likely that SOL and XRP ETPs will be available by the start of Q4. They will include in-kind and probably include stakes for SOL.

The crypto industry makes regulatory processes easier.

NYSE Arca has also filed a similar document, which shows that the whole industry is working to make regulatory processes easier.

Currently, exchanges have to file a 19b-4 FORM for each new crypto ETF. This starts a long and sometimes complicated review process by the SEC.

This filing comes shortly after the SEC approved in-kind creations and redemptions for crypto ETFs, aligning them more closely with traditional fund structures. These changes are a big step toward making crypto a part of traditional banking systems. 

The WHITE House also put out fresh ideas to bring crypto rules in line with those of traditional banking. This showed that there was a coordinated effort to update the rules.

The Working Group on Digital Assets, which is part of the US President Donald Trump’s administration, has put out a 168-page policy paper that calls for clearer rules for trade and fewer limits on blockchain innovation. 

The report also says that bureaucratic hurdles that slow down the release of new financial products should be gotten rid of. The GENIUS Act, which President TRUMP signed into law earlier this month, set up a wider set of rules for stablecoins. 

The House of Representatives also enacted the CLARITY Act and the CBDC Anti-Surveillance State Act. These laws focus on the structure of the crypto market and place limits on central bank digital currency.Both bills are set to be reviewed by the Senate following the August recess.

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