The U.S. Securities and Trade Fee (SEC) has reportedly requested exchange-traded fund (ETF) issuers to withdraw their 19b-4 filings for XRP, Litecoin (LTC), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) ETFs.
This comes after the SEC not too long ago authorized new generic itemizing requirements for commodity-based ETFs, together with cryptocurrency-based ones.
Issuers will begin withdrawing their functions as early as this week, that means that it’s only a matter of time till such ETFs will develop into publicly tradable.
Huge change
Usually, every ETF must be authorized below Part 19(b) of the Securities Trade Act of 1934. The approval course of is normally prolonged and daunting.
Now, nevertheless, if a sure product meets particular eligibility standards, it could safe a much-coveted itemizing at a a lot quicker tempo. Such commodities are speculated to have CFTC-regulated futures contracts (amongst another necessities).
Earlier, a number of analysts predicted that the brand new itemizing commonplace would unleash a wave of recent spot cryptocurrency ETFs.
