The top securities regulator in the United States is reportedly voting to “open the floodgates” for crypto exchange-traded funds (ETFs) as they announce the approval of the Grayscale Digital Large Cap Fund.
According to a new press release from the U.S. Securities and Exchange Commission (SEC), the regulator has approved new standards of generic listings for Commodity-Based Trust Shares, including the trading of the Grayscale Digital Large Cap Fund.
Says SEC Chairman Paul S. Atkins in the release,
“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.
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 vote will simplify and streamline the process for crypto ETFs to file and launch on three national securities exchanges – the NYSE, Nasdaq and Cboe Global Markets.
According to a Reuters report, the vote will now “open the floodgates” for future crypto ETFs.
Says Bitwise Asset Management president Teddy Fusaro of the new development,
“This is a watershed moment in America’s regulatory approach to digital assets, overturning more than a decade of precedent since the first bitcoin ETF filing in 2013.”
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