The push for standardizing the listing of spot crypto Exchange-Traded Funds (ETFs) in the U.S. is reaching a crucial juncture, as national exchanges work to develop a unified framework. This could pave the way for the launch of single-asset products, extending beyond Bitcoin and Ethereum to include popular cryptocurrencies like XRP and Dogecoin.
Nate Geraci, chairman and president of The ETF Store, highlighted this momentum on social media platform X, indicating that major exchanges are collaborating with the SEC on generic listing standards. He expressed optimism that these regulations would be in place by early October, potentially leading to a surge in crypto ETF offerings.
Recent developments point to a methodical effort by three of the nation’s top exchanges—Cboe BZX, NYSE Arca, and Nasdaq—to align their generic listing standards for Commodity-Based Trust Shares. These proposals aim to simplify the approval process for commodity ETFs that involve “digital asset commodities.” Rather than requiring distinct approvals for each ETF, the exchanges are seeking to create a systematic approach, contingent upon adherence to specific criteria and robust market surveillance.
A significant aspect of this initiative is the redefinition of what constitutes a “commodity.” Greg Xethalis, General Counsel at Multicoin Capital, mentioned that amendments have been filed to clarify the exclusion of certain financial instruments from this category. This change is intended to ensure that only relevant commodities are included for ETF listings, thus minimizing confusion and maintaining compliance with existing regulations.
Another essential factor is the proposed seasoning test for futures markets, viewed by many industry participants as a necessary step for new spot products. Cboe’s proposal stipulates that the underlying asset must be traded on a designated market for at least six months and must be subject to a surveillance-sharing agreement. This approach aligns well with the SEC’s past considerations for spot Bitcoin and Ethereum approvals.
Currently, there are several ETF applications in the pipeline for XRP and Dogecoin, which further illustrates the convergence of these new listing standards. A series of spot filings for XRP has already been initiated, with deadlines for action rapidly approaching. For instance, Nasdaq’s CoinShares XRP ETF and NYSE Arca’s Grayscale XRP Trust both have crucial deadlines set for late October 2025.
Similarly, proposals for Dogecoin ETFs are well underway, with significant milestones indicating strong interest and preparation among issuers. These applications suggest optimism about the upcoming regulatory decisions and highlight the coordinated efforts behind the scenes.
Should the SEC approve the new generic listing standards as anticipated, it would align perfectly with existing timelines for XRP and Dogecoin, potentially unleashing a wave of new ETF offerings. At this time, XRP is trading at $2.81, reflecting its current market position and investor confidence.
As the industry awaits these developments, the groundwork appears to be laid for a more streamlined and expansive crypto ETF landscape that could redefine investment opportunities in the virtual currency sphere.
