SEC clears Cboe, Nasdaq, NYSE to fast-track crypto ETP listings

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ablokhin

The U.S. Securities and Exchange Commission on Thursday cleared Cboe Global Markets (BATS:CBOE [https://seekingalpha.com/symbol/CBOE]), Nasdaq (NASDAQ:NDAQ [https://seekingalpha.com/symbol/NDAQ]) and Intercontinental Exchange's (NYSE:ICE [https://seekingalpha.com/symbol/ICE]) New York Stock Exchange to list and trade commodity-based trust shares under fast-track standards, including crypto exchange-traded products.

The measure applies so long as the exchanges "meet the requirements of the approved generic listing standards," the SEC said in a statement.

“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets," said SEC Chairman Paul Atkins. This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets."

The move comes after regulators said that registered exchanges can in fact facilitate the trading [https://seekingalpha.com/news/4491471-sec-cftc-clarify-stance-on-trading-of-some-spot-crypto-asset-products] of certain spot crypto asset products, including margin, leverage or financed so-called retail commodity transactions. The SEC also unveiled its agenda [https://seekingalpha.com/news/4492423-us-sec-unveils-agenda-to-revamp-crypto-policies] covering proposed rules tied to the offer and sale of crypto assets to help clarify the regulatory framework.

In addition to the approval [https://www.sec.gov/newsroom/press-releases/2025-121-sec-approves-generic-listing-standards-commodity-based-trust-shares?utm_medium=email&utm_source=govdelivery] of the generic listing standards, the SEC OK'd the listing and trading of the Grayscale Digital Large Cap Fund (OTC:GDLC [https://seekingalpha.com/symbol/GDLC]), as well as p.m.-settled options on the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index with third Friday expirations, nonstandard expirations and quarterly index expirations.

GDLC holds spot digital assets based on the CoinDesk 5 Index. The SEC's decision allows the multi-token fund to be converted into an ETF. Based on a fact sheet [https://www.grayscale.com/funds/grayscale-digital-large-cap-fund], GDLC holdings were mostly bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) and ether (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]), with respective weights of 72% and 17%.

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