Opinion: Margaret Rosenfeld, Chief Legal Officer of Everstake
For years, approval of crypto exchange sales funds (ETFs) has been one of the most contested battles in financial regulations. The first application of Bitcoin (BTC) dates back over 10 years. Only after repeated denials and court battles forced by the US Securities and Exchange Commission in the early 2024 could Bitcoin ETF ultimately get SEC approval in the US.
The long road to that point highlighted the regulatory attention, political scrutiny and structural complexity surrounding the digital asset market.
Just a year later, the conversation changed dramatically.
The SEC is considering a set of proposals from Nasdaq, NYSE Arca and Cboe BZX to adopt common listing standards for Crypto and Commodity-based ETFs. These rules allow qualifying funds to be listed without the need for custom-made SEC approval under SEC Rule 19b-4.
When adopted by the SEC, this change brought cryptographic ETFs along with traditional ETFs, and acquired their own general framework in 2019 through Rule 6C-11. This means that cryptographic ETFs could eventually move from exceptional treatment to mainstream.
Why is this important?
The current approval process for Crypto ETFs is tedious. Each new filing can take more than 240 days, including rounds of public comment, staff reviews, and often long-term uncertainty. Generic listing standards will reduce timelines to 60-75 days and bring new products to the market. Speed ​​and efficiency benefit all aspects of the sector.
Until now, only Bitcoin and Ether (ETH) ETFs have cleared the regulatory bar. Generic standards could open the door to ETFs tied to more innovative structures such as Solana (SOL), XRP (XRP), DogeCoin (Doge), or staking link products and theme baskets. By creating clear eligibility criteria that require a six-month trading history in futures markets regulated by the Commodity Futures Trading Commission, these proposals ensure that only fully mature tokens will qualify, while expanding investor choice.
Critics sometimes frame ETFs as a way to finance encryption. But the reality is that ETFs provide just the kind of transparency, custody protections and surveillance mechanisms that regulators have long requested. Enveloping digital assets in ETF structures means better disclosure, standardized creation and reimbursement processes, and monitoring from regulated exchanges. This is a safer and more transparent way for investors to do than offshore exchanges or unregulated platforms.
The US is lagging behind the clarity of its cryptography regulations. In the EU market, the cryptographic framework, Hong Kong’s licensing regime and Singapore’s capital market approach all offer a more predictable path to digital asset products. If the SEC has finalized its general listing criteria, it will send a strong message that the US intends to lead, rather than lead, when consolidating digital assets into a regulated market.
What’s coming next
The SEC may issue a decision in September 2025. If approved, the exchange could potentially list the first wave of Altcoin ETFs by the end of the year. This clears the backlog of nearly 100 applications and sets the stage for innovation, including index funds, theme baskets, and even hybrid ETFs that combine crypto and stocks or commodities.
Related: SEC pushes back decisions regarding True Social, Solana and XRP Crypto ETF
The SEC has already laid the necessary foundations. In August 2025, we approved the real-life creation and redemption mechanism of cryptographic ETFs, in line with the product fund norms and cost reductions. The decision showed an understanding that operational efficiency and investor protection could work together. A general list standard is the logical next step.
It’s important to get this right
Skeptics will argue that crypto doesn’t deserve the same treatment as traditional assets. However, the purpose of the regulation is not to determine which asset classes are valuable. It is to provide transparent and consistent rules that protect investors and ensure market integrity.
Delays in integration only perpetuate risk. With regulated products inaccessible, investors chase exposures in unsafe venues, such as interactions with poor custody protection measures, offshore platforms beyond US surveillance, or illiquid privately owned placement. In contrast, ETFs can bring Crypto to regulatory boundaries and monitor, disclose and oversee, like any other financial instrument.
Keep the US at the forefront of market innovation
Adopting Rule 6C-11 in 2019 changed the ETF industry, unlocking innovation and lowering the barriers to publishers. The same opportunity now exists in cryptography. The SEC does not recommend any specific tokens or projects by approving general listing standards. It simply provides a predictable framework that allows regulated exchanges and publishers to work clearly.
The code has not been deleted. The question is whether investors will access it through transparent, regulated products in the US market or opaque structures overseas. The SEC’s decision regarding a general list standard will help you determine the answer.
If the US wants to remain a global hub for capital market innovation, the committee needs to move forward. It’s time to fully introduce cryptographic ETFs in the ETF era.
Opinion: Margaret Rosenfeld, Chief Legal Officer of Everstake.
This article is for general informational purposes and is not intended to be considered legal or investment advice, and should not be done. The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or express Cointregraph’s views and opinions.
