In a stunning win for the industry, the U.S. Securities and Exchange Commission (SEC) has greenlit generic listing standards for various cryptocurrency-based ETFs.
Spot ETFs will be able to launch under the '33 Act so long as they have futures on Coinbase.
Hence, the tokens that are currently eligible for spot ETFs under generic listing standards include XRP, Dogecoin (DOGE), Stellar (XLM), Avalanche (AVAX), and even Shiba Inu (SHIB).
Katie Haun claims that the approval reminds her of Grayscale's case against the SEC. The game-changing DC Circuit, which was issued in August 2023, eventually paved the way for the approval of Bitcoin and Ethereum ETFs.
"At the time, people overlooked the magnitude of that decision and the effect it would have on institutional interest in the space," Haun said.
Haun has suggested that the market might end up overlooking this development as well.
As noted by ETF analyst Eric Balchunas, the last time the SEC implemented a generic listing standard in 2019, launches ended up tripling. The expert believes that more than 100 crypto launches will take place within the next 12 months.
Earlier this week, Bitwise’s Matt Hogan compared the current state of the market to the Super Bowl pre-game show. He believes that cryptocurrency holders might be on the verge of a "spectacular" end-of-the-year rally due to an uber-bullish mix of surging ETF inflows and the Federal Reserve's rate cuts.