Over 30 Crypto ETFs Filed with the US SEC in One Day

The US Securities and Exchange Commission (SEC) yesterday received filings for over 30 new crypto ETFs, including products for AAVE, LINK, AVAX, and LTC.

The prospective altcoin ETF market is heating up, and NovaDius Wealth president Nate Geraci has suggested that something huge could be on the horizon. He stated this after the US SEC received over 30 new filings for crypto ETFs in one day, despite a pause in approvals.

Two Asset Managers File Over 30 Crypto ETFs

Yesterday, Rex and Osprey filed for 21 crypto ETFs with the US SEC, which will track assets like LINK, LTC, AAVE, and AVAX. Notably, the prospectuses targeted a variety of options, with some seeking to add staking services.

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For context, applications for ADA, HYPE, SUI, and TRX products included a proposal to allow holders to stake their assets to generate additional yields.

Meanwhile, asset manager Defiance ETFs LLC also applied for a bucketload of leveraged ETFs with the US SEC on Friday, some of which included cryptocurrencies. It filed for 3x daily long and short products for Bitcoin and Ethereum, among others.

New ETF Listing Standard a Catalyst

Geraci noted that this was just the beginning, as he expects the SEC to receive applications for any “crypto ETF you can possibly imagine.” The floodgates opened following the approval of new listing standards by the top Wall Street regulator, simplifying ETF applications.

For perspective, the new rule allowed asset managers to file for rule change requests without the need for 19b-4 filings, further reducing the timeline for approvals. Notably, major exchanges like the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (CBOE) proposed this new listing standard, with the US SEC giving its stamp of approval in late September.

Uncertainties for Approval of Older Altcoin ETFs

Meanwhile, uncertainties persist regarding the altcoin ETFs that were previously applied for, particularly as their deadline approaches. Notably, the US SEC did not decide on the Litecoin ETFs, which were due on October 2.

Some of the factors driving this are the ongoing US government shutdown and the transition to the new listing standards. Recall that the SEC asked applicants to withdraw their 19b-4 filings and reapply under the new generic standards.

Interestingly, the initial deadline for SEC approval of XRP and Solana ETFs, due on October 10 and 17, respectively, is also fast approaching. It remains unknown if the commission will decide on these products if the shutdown continues. Nonetheless, market experts now suggest that the deadlines are no longer relevant.