The Securities and Exchange Commission approved three exchanges’ request to speed up how quickly they can list exchange-traded products that hold spot commodities like gold or bitcoin.
Cboe Global Markets Inc., Nasdaq Inc. and NYSE Group Inc. won permission from the regulator Wednesday to list commodity-based trust shares so long as they meet “approved generic listing standards,” according to an SEC statement.
“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,” SEC Chairman Paul Atkins said in the statement.
The agency under the former President Joe Biden’s administration approved several spot-crypto ETPs to trade after court rulings prodded the agency to do so. The Wednesday approvals will make the process of trading many crypto-related ETPs faster by allowing them to make disclosures about information related to the fund within five days that it starts trading.
Exchanges will still have to follow their traditional process of asking the SEC to approve changes to their rules to list commodity-based ETPs that don’t meet the agency’s new generic listing standards.
The markets regulator also said it approved several bitcoin-related electronically traded funds.
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