Overview

• Nasdaq, Cboe BZX and NYSE Arca can now list qualifying commodity-based and crypto ETPs without product-specific 19b-4 orders, with launches possible in about 60–75 days once S-1 registrations are effective.
• Eligibility paths include trading on surveilled markets, at least six months of CFTC-regulated futures history, or substantial representation in an existing listed ETF, and leveraged or inverse structures are prohibited.
• Required safeguards include daily publication of holdings and NAV, disclosed liquidity policies, market‑maker trading limits, and information barriers to deter misuse of non‑public data.
• Analysts expect a first wave of filings for altcoins, with a practical six‑month futures yardstick putting Solana as an early candidate, XRP nearing eligibility by mid‑November, and Dogecoin already seasoned, suggesting potential October–December launches if reviews conclude.
• In related actions, the SEC approved the Grayscale Digital Large Cap Fund and cleared options on Bitcoin ETF indexes, while Commissioner Caroline A. Crenshaw cautioned against forgoing individualized review for newer asset classes.