SEC PAVEN

Written by Suzan McKiji

(Reuters) -The Securities and Stock Exchange Committee voted on Wednesday to agree to the changes proposed by three national securities exchange, which enabled them to adopt the general inclusion standards of the new cryptocurrency and other products circulating in the exchange of goods.

The committee’s latest vote removes the remaining obstacle to dozens of new traded investment funds related to encrypted currencies ranging from Solana to Dogecoin. In July, the Securities and Stock Exchange Commission issued clarifying the details of the standards of listing, which determine the criteria for the director of assets and exchanges – NYSE, NASDAQ and CBOE Global Markets must be approved – in order to agree to a customized customizor. This is the last step taken by the President’s administration Donald Trump To bring encryption assets to the main current.

To date, SEC has dealt with all ETF encrypted files on the basis of each case separately, and she requested two separate lines, one from the stock exchange that plans to list the product and the other from the asset manager, to receive approval from different sections. The new process will reduce the maximum time from the deposit to its launch to 75 days from 240 days, or longer.

“This is a flat moment in the organizational approach of America of digital assets, as more than a decade of precedents has turned since the first ETF file in 2013,” said Teddy Fusaru, head of asset management at Bitwise.

In a press release, SEC Paul Attins President described the approval of the committee members as a way to enhance innovation and reduce barriers that prevent digital asset products.

The first traded investment funds are likely to be launched under the new rules are those who follow Solana and XRP. Asset managers have begun to submit them to the Supreme Education Council more than a year ago, but the organizers have not yet agreed to the investment funds traded at the time of Bitcoin and Ethereum. However, the appearance of the investment funds circulating in Bitcoin in January 2024 was not after years of struggle and a legal battle.

Under the administration of former President Joe Biden, the Supreme Education Council has slowly moved to consider investment funds circulating in Spot. In contrast, the Trump administration is firmly compatible with the encryption community, pledging to take a more suitable vision of digital assets.

“The gates are open, but there is still a lot of work to do,” said Steve McLorg, CEO of Canary Capital, who has many products awaiting approval. Speaking on Monday, before the decision of the Supreme Education Council, he said that even after the committee’s vote, “marketing plans and legal playgrounds must be addressed with service providers, based on the new road map.”