Bloomberg senior ETF analyst Eric Balchunas noted that the SEC has announced new rules outlining general listing standards for cryptocurrency ETPs.
The SEC is currently issuing delays, extending the process for altcoin ETFs like XRP and Solana (SOL) that are awaiting approval.
While experts believe that altcoin ETFs are likely to be approved in the last quarter of the year, the SEC has announced approval standards for cryptocurrency ETPs.
Bloomberg senior ETF analyst Eric Balchunas noted in a post that the SEC has announced new rules outlining general listing standards for cryptocurrency ETPs.
Accordingly, all altcoins that have been traded on the derivatives exchange of Coinbase, the largest US exchange, for more than six months will be eligible for an ETP.
“The key point is that if a particular token has been traded as a futures product on the Coinbase Derivatives Exchange for more than six months, an ETP based on that coin can be approved.”
Eric Blachunas said the SEC’s new rules mean it could greenlight a dozen major altcoin ETFs by the fall.
Balchunas noted that approximately 12 altcoins currently meet SEC rules, reminding Bloomberg that most of these altcoins are given approval rates of 85% or higher.
While the timing for the approval of these 12 altcoin ETFs remains unclear, the analyst pointed to September or October as a possible timeframe. He also shared an image of the eligible altcoins currently listed in Coinbase derivatives trading.
According to the table, the altcoins suitable for ETFs that can be approved other than Bitcoin and Ethereum are Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB), Avalanche (AVAX), Chainlink (LINK), Stellar (XLM), Solana (SOL), Hedera (HBAR), Cardano (ADA) and XRP.
