The U.S. Securities and Exchange Commission (SEC) is accelerating the approval process for cryptocurrency spot ETFs. According to industry insiders, the SEC has asked several ETF issuance institutions to withdraw their previously submitted 19b-4 filings, indicating that under the new rules, the product approval process will be significantly simplified, and there may even be cases of "fast-track approval."

Traditionally, the approval process for a Crypto Assets Spot ETF is divided into two main stages: the exchange must submit the "19b-4 form" regarding changes to trading rules, while the issuing entity must submit the registration statement "S-1 form". The ETF can only be listed for trading if both documents have been approved by the SEC, with the entire review period lasting up to 240 days.

However, with the SEC's recent approval of the "Universal Listing Standards", the situation has changed. As long as the product falls under "Commodity ETPs" and meets the newly established standards, the cumbersome procedure of submitting the "19b-4 form" can be skipped. Issuers only need to submit the "S-1 form" to enter the final review stage of the SEC.

Industry experts say that if the SEC really wants to speed up the process, it could theoretically approve the ETF application within a few days, but this does not guarantee that it will happen.

It is worth noting that the SEC has not yet approved Bitwise's application to convert its encryption index fund BITW into an ETF, indicating that the regulatory agency remains cautious in the approval process.

This policy adjustment reflects the SEC's changing regulatory attitude towards the Crypto Assets market, which may herald a new development stage for Crypto Assets ETFs. However, investors and market participants still need to closely monitor the SEC's subsequent actions, as well as the potential impact these ETF products may have on the entire Crypto Assets ecosystem.