Cboe BZX and NYSE Arca Seek Streamlined Crypto ETF Approvals

Cboe BZX and NYSE Arca filed proposals with the U.S. Securities and Exchange Commission (SEC), requesting unified listing standards for crypto exchange-traded funds. The exchanges want to eliminate separate 19b-4 filings that can take up to 240 days to process.

The filings propose extending the existing framework for commodity-based trust shares to cover digital asset products like Bitcoin and Ethereum ETFs. Under the new system, ETFs meeting predefined conditions could start trading without standalone rule filings.

The filing does not specify concrete metrics such as minimum share quantities, market-value floors or liquidity tests. A Cboe spokesperson said those details will come in a later amendment after the SEC provides guidance. 

Both exchanges said the proposal would not expand eligible products but would speed up listing timelines for funds that already meet existing regulations.

Currently, exchanges must submit Form 19b-4 for each fund, starting a review process that often uses the full 240-day window. The proposed changes would apply the new standard to future funds tracking tokens like Solana and XRP, provided they meet requirements for market surveillance, redemption mechanisms and ongoing compliance.

Andrew Rossow, CEO of AR Media Consulting, said the change would require issuers to “implement stronger operating procedures” and enhance investor protections when working with regulated broker-dealers handling crypto assets. Rossow warned that focusing standards on a narrow set of assets could create “regulatory favoritism” and limit innovation across the digital asset sector.

On July 29, 2025, the SEC approved in-kind creations and redemptions for crypto exchange-traded products. This allows funds tied to Bitcoin and Ether to provide liquidity in the underlying assets rather than cash settlements. Issuers had argued this change was needed to align crypto funds with commodity-based ETPs.

The SEC has up to 240 days to act on the rule filings. The agency can accept, modify or reject the proposals within that timeframe. If adopted, the unified standards would reduce lead times for crypto ETF launches, potentially enabling new products to reach investors in weeks rather than months.

Related: SIFMA Urges SEC to Embrace Open Crypto Rules, Reject Stock Exemptions