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Bitcoin and crypto have exploded back this year, largely thanks to BlackRock-led Wall Street adoption and U.S. president Donald Trump’s support (though fears have emerged of a bitcoin price “death spiral”).
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The bitcoin price topped $124,000 per bitcoin last month, though its early 2025 rally has stalled in recent months, just as Tesla billionaire Elon Musk issued a stark $37 trillion warning.
Now, as Goldman Sachs quietly admits to growing fears over the U.S. dollar, the U.S. Securities and Exchange Commission (SEC) has approved a major rule change that could mean the bitcoin and crypto exchange-traded fund (ETF) “floodgates” open.
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This week, the SEC voted in favor of proposed rule changes by three national securities exchanges, allowing them to adopt generic listing standards for new crypto ETFs.
The SEC approval “will open up the floodgates,” Steve Feinour, a partner at Stradley Ronon, told Reuters.
“The big trigger this week was the SEC’s approval of generic listing standards for crypto ETFs on the likes of NYSE, Nasdaq, and Cboe,” Nic Puckrin, macroeconomics analyst and founder of The Coin Bureau, said in emailed comments.
“Until now, every ETF had to go through a lengthy, case-by-case process. Now, new products can be listed in just 75 days. This is significant for funds tied to ethereum, solana and dogecoin, or even diversified crypto baskets, as it dramatically reduces the barriers.”
Alongside the rule change and proving there is demand for crypto ETFs beyond bitcoin and ethereum, the first U.S. ETFs to offer spot exposure to Ripple’s XRP and dogecoin started trading on Thursday, generating about $55 million in trading volume.
The REX-Osprey XRP ETF, listed on Cboe under the ticker XRPR, saw the largest debut volume of any ETF launch this year, according an X post by Bloomberg Intelligence senior ETF analyst Eric Balchunas.
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In August, NovaDius Wealth president Nate Geraci said it makes “zero sense” for BlackRock to ignore cryptocurrencies beyond bitcoin and ethereum.
“Otherwise, they’re basically saying bitcoin and ethereum are only ones that will ever have value. Bold,” Geraci posted to X.
BlackRock’s spot bitcoin ETF exploded onto Wall Street in early 2024, becoming the fastest growing ETF ever and now holds almost 750,000 bitcoin worth $88 billion on behalf of investors.
BlackRock, which manages around $10 trillion worth of assets for investors, spearheaded Wall Street’s campaign to bring a long-awaited spot bitcoin ETF to market in 2023, with its IBIT bitcoin fund dominating a fleet of funds that launched in January 2024.
BlackRock’s fund alone holds almost 4% of the 21 million bitcoin that will ever exist, which some have warned could be giving BlackRock outsized control over the network.
