SEC proposes new standard: Futures market becomes a key indicator for Spot Crypto Assets ETF.

The U.S. Securities and Exchange Commission (SEC) has recently sparked widespread attention in the market regarding the standards for Spot Crypto Assets exchange-traded funds (ETFs). According to the latest news, the SEC may collaborate with the Commodity Futures Trading Commission (CFTC) and reference data from certain major Crypto Assets platforms to determine which digital assets qualify for inclusion in Spot ETFs. This initiative may not only change the ecology of the Crypto Assets market but also bring new opportunities and challenges for investors.

1. New standards proposed by the SEC: Futures market becomes the core indicator

On July 30, Bloomberg ETF analyst Eric Balchunas revealed that the SEC is considering approving digital assets with a stable share in the futures market as the basis for a Spot ETF. The new standard requires that digital assets must be actively traded in the futures contract market for at least 6 months. This means that the maturity of the futures market will become an important basis for whether the Spot ETF can be approved.

In addition, the SEC will reference the derivative product data from a large Crypto Assets platform, which is considered to provide a more comprehensive market representation as it encompasses data from native futures and other mainstream futures markets. This framework allows the CFTC to play an important role in determining which tokens qualify.

2. Which Crypto Assets Qualify for Spot ETF?

According to the current draft rules, only major tokens that have been actively traded in the futures market for a long time are eligible to be included in the Spot ETF. Here are some crypto assets that may qualify:

Bitcoin (BTC)

Ethereum (ETH)

Litecoin (LTC)

Ripple (XRP)

Dogecoin (DOGE)

Cardano (ADA)

Solana (SOL)

Shiba Inu Coin (SHIB)

Polkadot (DOT)

Avalanche (AVAX)

Chainlink (LINK)

Stellar (XLM)

Bitcoin Cash (BCH)

These assets have maintained trading activity for over 6 months in the derivatives trading market of a major crypto assets platform, thus they are considered to meet the SEC's new standards. However, some newer or higher-risk tokens, such as Bonk or Trump Coin, may require alternative methods for ETF packaging due to the lack of a mature futures market.

3. Alternative Structure: Application of the 40 Bill Structure

For crypto assets that do not meet the new SEC standards, the 1940 Investment Company Act provides an alternative path, known as the "40 Act structure." Although this structure is more restrictive, it allows issuers to launch ETFs without the need to file a 19b-4 submission. For example, the REX Shares Solana ETF is a typical case of this structure.

However, most issuers still prefer the method of the 1933 Securities Act because its compliance is simpler and can provide more direct market risk exposure. In the future, as the regulatory framework becomes clearer, more assets may enter the ETF market through different avenues.

IV. The Impact of the New SEC Standards on the Market

If the SEC's new standards are officially implemented, they will have a profound impact on the Crypto Assets market. Firstly, the maturity of the futures market will become an important indicator for measuring the value of Crypto Assets, further promoting the development of mainstream coins. At the same time, the position of certain large encryption platforms will be further consolidated, potentially attracting more trading volume and institutional investors.

On the other hand, tokens that have not yet established a stable futures market will face greater challenges and may need to seek other innovative ways to attract investors. In addition, the cooperation between the SEC and CFTC also shows that regulators are working to find a balance to promote market development while protecting investor interests.

Conclusion

The new standards proposed by the SEC bring new hopes and challenges to the Crypto Assets market. As the importance of the futures market increases, the market position of mainstream Crypto Assets will become more solid, and the role of certain large Crypto Assets platforms will become increasingly critical. For investors, understanding these changes and seizing potential opportunities will be key to future success. Against the backdrop of a gradually完善的 regulatory framework, the next steps in the development of the Crypto Assets market are worth following.