[Encryption ETF Regulation Breakthrough] Cboe and NYSE submit standardized listing framework, approval of encryption funds may enter the 'fast track'.

The two major exchanges in the United States, Cboe BZX and NYSE Arca, have submitted proposals to the SEC aimed at establishing a standardized listing framework for crypto asset exchange-traded funds (ETFs). If approved, this proposal will exempt the current time-consuming individual case approval process (19b-4 process, which can take up to 240 days), allowing Bitcoin, Ethereum, and other crypto asset ETFs that meet preset standards to be listed more quickly. This move follows the SEC's approval of the physical redemption mechanism for spot Bitcoin/Ethereum ETFs and the White House's release of a digital asset integration plan, marking a rapid evolution in the crypto regulatory environment.

【Proposal Core: Build a Standardized Listing Channel for Crypto ETF】 The major US exchanges Cboe BZX Exchange and NYSE Arca have submitted rule change proposals to the US Securities and Exchange Commission (SEC) aimed at establishing a standardized listing framework for cryptocurrency exchange-traded funds (ETFs). This move is expected to fundamentally change the lengthy approval process for current crypto ETFs.

[Abolish individual case approval and significantly shorten the listing cycle] According to the proposal, the new framework will eliminate the individual case approval requirements under the current 19b-4 process (which typically takes up to 240 days). Renowned ETF analyst Nate Geraci pointed out on social media X on July 30 that qualifying funds will no longer need to apply for separate approvals, which will significantly speed up the process for investors to access crypto ETF products. Specifically:

• Cboe plans to amend its Rule 14.11(e)(4)
• NYSE Arca intends to amend its Rule 8.201-E If the proposal is accepted by the SEC, ETFs holding Bitcoin (BTC), Ethereum (ETH), or other qualifying digital assets can be brought to market more efficiently as long as preset qualitative standards are met. While specific quantitative requirements (such as minimum market capitalization thresholds) will be established later, the exchange hopes this framework will reduce regulatory friction and promote market competition.

[Regulatory Environment Dramatically Changes: Multiple Benefits Accumulate] The timing of this proposal submission is crucial, closely following two significant regulatory developments:

1. SEC Approves Physical Creation and Redemption Mechanism: The proposal was submitted the day before (July 29), when the SEC just approved the In-Kind Creations/Redemptions mechanism for the Spot Bitcoin ETF and Ethereum ETF. This move improves operational efficiency and brings crypto funds closer to the structure of traditional financial products.
2. The White House Releases Digital Asset Integration Blueprint: On the same day, the White House released a comprehensive 168-page plan and accompanying policy guidelines aimed at integrating digital assets into the traditional financial system. This document is led by the Digital Asset Working Group established during the Trump administration, urging regulators to simplify the product listing process and calling for a revision of regulations related to custody, trading, and registration.

[The regulatory landscape is accelerating its reshaping, and standardized listings may become a trend] Recent legislative developments (such as the "GENIUS Act" and the "CLARITY Act" being advanced in Congress) combined with the SEC's latest crypto ETF disclosure guidelines released on July 7 clearly indicate that the regulatory environment is undergoing a significant transformation. Regulatory agencies are viewing digital assets as a core component of the financial markets, rather than a peripheral area. As the application deadlines for Spot ETFs for Solana (SOL), Ripple (XRP), and others approach, the SEC's open attitude towards considering a standardized ETF listing framework may completely change the speed at which new products enter the market.

Conclusion: The joint proposal by Cboe and NYSE Arca marks a key step towards the standardization and efficiency of the U.S. crypto financial infrastructure. If the standardized framework is approved, the crypto ETF market is expected to bid farewell to the long era of individual case approvals and enter a more efficient development phase. Coupled with the recent signals of intensive regulatory policy easing, the integration process of crypto assets and the traditional financial system is accelerating, providing investors with a more convenient and compliant entry channel, and injecting new institutional development momentum into the crypto industry.