Overview

• Nasdaq, NYSE Arca and Cboe BZX can now list commodity-based trust shares, including spot crypto funds, without separate Commission orders under Section 19(b).
• Eligibility hinges on market-surveillance safeguards and criteria such as a history of regulated futures trading or existing ETF exposure, with leveraged and inverse trusts excluded and daily disclosures required.
• The SEC simultaneously cleared the Grayscale Digital Large Cap Fund for listing and approved options tied to the Cboe Bitcoin U.S. ETF Index and its mini contract.
• Analysts expect a rapid rollout of altcoin ETFs in coming weeks and months, citing likely early entries such as Solana and Litecoin, with Dogecoin and XRP viewed as potential near-term candidates as criteria are met.
• Thresholds mean not all products qualify immediately, and Commissioner Caroline Crenshaw cautioned that the accelerated process could reduce scrutiny even as proponents say it broadens investor access.