Opinion of: Margaret Rosenfeld, chief executive officer of Everstake
For years, the approval of the negotiated funds in exchange for crypto (ETF) was one of the most contested battles in financial regulation. The first applications for an ETF Bitcoin (BTC) date back more than a decade. It was not until the beginning of 2024, after the repeated refusals and a legal battle which forced the American commission for securities and the exchange to reconsider, identified the ETF of Bitcoin ultimately obtained the approval of the dry in the United States.
The long way to this point underlined regulatory prudence, political examination and structural complexity surrounding the markets of digital assets.
Now, a year later, the conversation has changed considerably.
The SEC envisages a set of proposals from Nasdaq, Nyse Arca and CBOE BZX to adopt generic list standards for ETF based on crypto and basic products. These rules would allow eligible funds to list without requiring tailor-made approval by the dry rule 19B-4.
If it is adopted by the SEC, this change would align the cryptographic ETF with traditional FNBs, which have won their own generic framework through the 6C-11 rule in 2019. In other words, Crypto ETF can finally move from exceptional treatment in the dominant current.
Why this counts
The Current ETF approval process is heavy. Each new deposit can take 240 days or more, involving public comments cycles, an examination of staff and often prolonged uncertainty. Generic registration standards would reduce deadlines to 60 to 75 days, which facilitates the market for new products. Speed and efficiency would benefit all aspects of the sector.
Until now, only the FNB Bitcoin and Ether (ETH) have erased the regulatory bar. Generic standards could open the door to ETFs linked to Solana (soil), XRP (XRP), Dogecoin (DOGE) or even more innovative such as products related to implementation or thematic baskets. By creating clear eligibility criteria, as requiring six months of commercial history on the term markets regulated by the Commodity Futures Commission, these proposals guarantee that sufficiently mature tokens are eligible, while expanding the choice of investors.
Critics sometimes supervise ETFs as a means of financializing crypto. The reality, however, is that the FNB precisely offer the type of transparency, guarantees of childcare and surveillance mechanisms that regulators have long required. The packaging of digital assets in an ETF structure means better disclosure, standardized creation and redemption processes, and monitoring regulated exchanges. It is a safer and more transparent way for investors to win an exhibition than offshore exchanges or unregulated platforms.
The United States has lagged behind in cryptographic regulatory clarity. The framework of the EU Crypto-Astests markets, the Hong Kong license regime and the Singapore capital market approach all provide more predictable paths for digital asset products. If the SEC finalizes the generic rating standards, it will send a powerful message that the United States intends to direct, and not delay, in the integration of digital assets in the regulated markets.
What comes then
The SEC could make a decision in September 2025. If it is approved, the exchanges could be able to list the first wave of FNB Altcoin before the end of the year. This would erase an backlog of nearly 100 applications and prepare the way for innovation, including index funds, thematic baskets and even hybrid FNBs that combine crypto with basic actions or products.
In relation: SEC repels decisions on Truth Social, Solana, XRP Crypto Etfs
The dry has already laid the necessary bases. In August 2025, he approved the creation and buy -in mechanisms in kind for the Crypto FNB, aligning them with the standards of raw materials and the reduction of costs. This decision has shown an understanding that operational efficiency and investor protection can go hand in hand. Generic list standards are the next logical step.
It is important to do things well
Skeptics will argue that crypto does not deserve the same treatment as traditional assets. The purpose of the regulation is not, however, to decide which asset classes are worthy. It is a question of providing transparent and coherent rules which protect investors and ensure the integrity of the market.
The delay in integration only perpetuates the risk. Without accessible regulated products, investors continue exposure to less safe sites, including exchanges with poor childcare guarantees, offshore platforms beyond American surveillance or unique private investments. On the other hand, the FNB put the crypto in the regulatory perimeter, where it can be monitored, disclosed and supervised like any other financial product.
Keep the United States at the forefront of market innovation
The adoption of the 6C-11 rule in 2019 transformed the ETF industry, unlocking innovation and lowering barriers to issuers. The same opportunity now exists for crypto. The SEC would not approve any particular token or project by approving generic registration standards. It would simply provide a predictable framework which allows regulated exchanges and transmitters to operate clearly.
The crypto is not going. The question is whether investors will access it via transparent and regulated products on the American markets or via opaque structures abroad. The DEC decision on generic registration standards will help determine this response.
The Commission should move forward if the United States wants to remain the world center for capital markets. The time has come to fully bring the Crypto FNB to the Age of the FNB.
Opinion of: Margaret Rosenfeld, legal chief of Evestake.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are alone of the author and do not reflect or do not necessarily represent the views and opinions of Cointelegraph.
