The first step towards approving hundreds of applications for exchange-traded funds (ETFs) related to anything from President Donald Trump’s joke currency to Solana and XRP was the release of new advice by the U.S. Securities and Exchange Commission on disclosure rules for ETFs attached to cryptocurrencies.
The guideline, released last Tuesday, marks a significant change in the way the leading U.S. market regulator handles the cryptocurrency industry under Republican control. The SEC has refocused its crypto enforcement team, established a task force to draft new laws, and halted or abandoned high-profile enforcement cases that many believed the agency was poised to win.
The 12-page report is the first section of the new crypto fund environment that SEC staff members are creating. According to those involved in the talks, asset managers also consult with the SEC’s Division of Trading and Markets for suggestions on how to expedite the application process. This should hasten the release of new products.
According to Sui Chung, CEO of crypto index provider CF Benchmarks, the SEC is proceeding with developing a framework for integrating all these crypto assets into investment funds, to handle the “explosion” in the number of ETFs now awaiting regulatory decision. According to industry participants, there haven’t been many surprises thus far.
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