Key Takeaways
- The SEC has requested issuers to withdraw their 19b-4 ETF filings for Litecoin (LTC), XRP, Solana (SOL), Cardano (ADA), and Dogecoin (DOGE).
- New generic itemizing requirements now get rid of the necessity for particular person 19b-4 filings for every cryptocurrency ETF proposal.
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The SEC has requested issuers to withdraw their 19b-4 ETF filings for Litecoin, XRP, Solana, Cardano, and Dogecoin following the company’s approval of generic itemizing requirements for crypto asset exchange-traded merchandise.
The brand new generic itemizing requirements get rid of the necessity for particular person 19b-4 filings that had been beforehand required for every cryptocurrency ETF proposal. The SEC designed these guidelines to supply a secure platform for crypto product introductions whereas together with innovation exemptions to foster on-chain capital market growth.
Monetary companies that submitted particular ETF functions for these cryptocurrencies can now make the most of the streamlined generic requirements as a substitute of pursuing particular person regulatory approvals. The change goals to scale back regulatory hurdles and expedite market introductions for crypto ETFs.
The regulatory shift comes because the SEC prepares joint rulemaking with the CFTC to harmonize crypto rules throughout businesses. The collaboration consists of an upcoming joint roundtable centered on regulatory coordination for digital property.
SEC Chair beforehand emphasised the significance of creating secure frameworks for crypto product launches, which immediately helps this transition from case-by-case filings to standardized itemizing necessities for crypto asset ETPs.
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