Bitwise Chief Investment Officer Matt Hougan says the U.S. Securities and Exchange Commission is preparing “generic listing standards” for crypto exchange-traded products, a shift that could materially speed up approvals for new spot offerings. In his view, the change would replace much of the current case-by-case review process and could set the stage for a broader rollout of crypto ETPs as soon as October.
From one-off approvals to a rules-based framework
According to Hougan’s memo, the SEC may move toward a standardized process under which compliant applications could be cleared within 75 days. One key condition would be that the underlying asset already has futures trading on a regulated U.S. venue such as CME, Cboe, or Coinbase Derivatives Exchange. If adopted, that framework would sharply reduce regulatory friction for issuers seeking to bring new spot products to market.
Hougan argues that such a template could make room for spot ETPs linked to solana, XRP, chainlink, cardano, avalanche, polkadot, hedera, dogecoin, shiba inu, litecoin, and bitcoin cash. He compares the possible policy shift to the 2019 ETF Rule, which transformed ETF launches from a slow, approval-heavy process into a far more scalable system. Before that rule, the market averaged 117 launches a year; afterward, the figure rose to roughly 370 annually.
More listings do not automatically mean more inflows
Even so, Hougan cautions against assuming that a surge in listed products would instantly translate into investor demand. He points to the spot ethereum ETPs launched in June 2024, which only attracted more meaningful assets months later, when investor interest in stablecoins and tokenization began to strengthen. His broader point is that products tend to follow demand rather than create it on their own.
Where generic standards matter most, he suggests, is in removing access barriers. Instead of dealing with wallets, exchanges, and operational crypto complexity, allocators can gain exposure through a familiar ticker. That simplification could make it easier for both institutions and traditional investors to act once market fundamentals improve, while also helping normalize crypto by placing these products alongside conventional funds.
Policy progress may help, but macro and utility still lead
Hougan describes the anticipated SEC pivot as a sign of market maturation, not an end point. If futures markets continue expanding across more digital assets, the pool of tokens eligible for ETP packaging could widen further, spanning major protocols as well as meme coins.
Still, he stresses that the ultimate drivers remain interest rates, liquidity conditions, and real-world adoption. In particular, the long-term impact of any new SEC framework will depend on whether themes such as stablecoins and tokenization continue gaining practical traction beyond market narratives. In that sense, generic listing standards may set the table for a year-end push, but they will not be the only factor deciding whether capital truly follows.