Crypto And Commodity-Based ETPs Poised To Boom Following SEC's Approval Of Generic Listing Standards

On September 17, 2025, the Securities and Exchange Commission (SEC) issued an order (the order) approving new generic listing standards for certain commodity-based exchange-traded products (ETPs), including those backed by crypto assets.¹ For crypto ETPs that qualify for listing under the generic standards, the order effectively removes the mechanism used by the SEC for many years to block crypto ETPs. Accordingly, following the order, crypto and commodity-based ETPs will have a clearer and faster path to market, which will maximize investor choice and foster innovation.

Background

Section 19(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 19b-4 thereunder specify the process for a national securities exchange to propose a rule change to enable the listing of a product not covered by an existing exchange listing rule. Under Section 19(b), the SEC is required to approve or disapprove the proposed rule change within 240 days of the proposed