Bitwise CIO: 'If new listing standards for virtual asset ETPs are adopted, many will launch in October'

Son Min

Summary

Bitwise CIO said that if the U.S. SEC introduces new virtual asset ETP listing standards, many ETPs could be launched in October.
If the new rule passes, the approval period would be reduced from 240 days to 75 days, and issuers would not need to obtain separate approval as long as they meet predefined criteria.
Various virtual asset ETPs such as Solana, XRP, and Chainlink are likely to be launched, and traditional asset managers are also expected to enter the market.

The U.S. Securities and Exchange Commission (SEC) introducing new listing standards for virtual assets (cryptocurrencies) exchange-traded products (ETPs) could lead to multiple virtual asset ETPs being launched in October.

On the 16th (local time), The Block reported that Matt Hogan, Bitwise chief investment officer (CIO), said, 'The U.S. SEC's new ETP listing standards will have a major impact on the virtual asset market' and 'Dozens of virtual asset ETPs could be launched in October.'

Currently, the SEC's listing process for virtual asset ETPs requires individual applications and can take up to 240 days for approval. Approval is not guaranteed. In fact, a Bitcoin (BTC) spot ETP was first applied for in 2013 and approved in 2024.

However, if the SEC's 'proposed amendment to the virtual asset ETP rules' announced last July is passed, issuers would be able to launch any virtual asset ETP that meets predefined criteria without needing separate approval each time. The approval period would also be shortened from the current 240 days to 75 days.

Hogan said, 'If those standards are applied, ETPs for various virtual assets such as Solana (SOL), XRP, Chainlink (LINK) will soon be launched,' and 'Traditional asset managers will also enter the virtual asset ETP market.'

Meanwhile, Hogan listed Solana, XRP, Chainlink, Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Hedera (HBAR), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), and Bitcoin Cash (BCH) as virtual assets that would meet the SEC's requirements.