据彭博 ETF 分析师 Eric Balchunas 表示，美国证券交易委员会（SEC）已通过交易所文件公布加密资产 ETP 的通用上市标准。只要某加密资产在 Coinbase 衍生品交易所上有超过 6 个月的期货交易记录，即可满足上市条件，预计将涵盖十余种主流币种，最早可能在 9 至 10 月间获批。

<div>据彭博 ETF 分析师 Eric Balchunas 表示，美国证券交易委员会（SEC）已通过交易所文件公布加密资产 ETP 的通用上市标准。只要某加密资产在 Coinbase 衍生品交易所上有超过 6 个月的期货交易记录，即可满足上市条件，预计将涵盖十余种主流币种，最早可能在 9 至 10 月间获批。<br><br></div>

SEC 推出加密 ETP 通用上市标准，主流币最快 9 月起可获批

According to Bloomberg ETF analyst <Eric Balchunas>, the U.S. Securities and Exchange Commission (SEC) has published universal listing standards for crypto asset ETPs through exchange documents. As long as a crypto asset has futures trading records of over 6 months on the Coinbase derivatives exchange, it can meet the listing requirements, and it is expected to cover more than ten mainstream cryptocurrencies, with potential approval as early as September or October.

<div>According to Bloomberg ETF analyst Eric Balchunas, the U.S. Securities and Exchange Commission (SEC) has published universal listing standards for crypto asset ETPs through exchange documents. As long as a crypto asset has futures trading records of over 6 months on the Coinbase derivatives exchange, it can meet the listing requirements, which are expected to cover more than a dozen mainstream cryptocurrencies and could potentially be approved as early as September or October.<br><br></div>

SEC Launches Universal Listing Standards for Crypto ETPs, Mainstream Tokens Could Be Approved as Early as September

The U.S. SEC approved physical creation and redemption of crypto ETFs, incorporating crypto assets into the deep structure of mainstream finance.

Written by: <Golem>, <Odaily>
On July 29, the U.S. SEC officially allowed Authorized Participants (AP) to create and redeem crypto ETFs in physical form. This means that in the future, Bitcoin and Ethereum ETFs will be consistent with other commodity ETFs (such as oil and gold), allowing ETF shares to be created and redeemed in physical form, whereas previously Bitcoin and Ethereum ETFs were limited to cash-based creation and redemption.

The US SEC gives the green light to crypto ETFs, ushering in the era of commodities.

On July 29, 2025, the U.S. Securities and Exchange Commission (SEC) cast a milestone vote in Washington, D.C.: officially approving the <in-kind creations and redemptions> of spot Bitcoin and Ethereum ETFs.

This seemingly technical decision actually turned a key page in accelerating the integration of crypto assets into mainstream finance. It is not only a significant optimization of the crypto ETP operating model but also another deep consideration by the SEC regarding market efficiency and investor interests on the path to constructing an "appropriate regulatory framework".
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"Physical Subscription and Redemption" Approved! Crypto ETPs Connect to Wall Street

According to 4E observations, the Hong Kong Monetary Authority recently announced that from August 1 to September 30, 2025, it will open the first batch of stablecoin issuer license applications, officially launching Hong Kong's stablecoin regulatory system. Compared to the previous "whitelist" proposal, the regulatory plan is more stringent, requiring all Hong Kong compliant stablecoin holders to undergo real-name verification, aimed at enhancing anti-money laundering and counter-terrorism financing capabilities. The Monetary Authority also stated that if technology and regulatory methods mature, related requirements may be relaxed.

International regulation is also accelerating. The US SEC has recently approved crypto asset ETPs using physical redemption mechanisms and raised the position limit for some Bitcoin ETP options to 250,000 shares. The SEC's move is seen as reducing costs and arbitrage thresholds for ETF issuers and market makers, potentially attracting more institutional liquidity into the crypto asset market.

On the funding side, institutions continue to enter intensively. Strategy announced buying 21,021 Bitcoins for approximately $2.46 billion, raising its total holdings to 628,791 Bitcoins, consolidating its leadership in the "Bitcoin treasury". Meanwhile, BTC/USD trading volume during US trading hours has risen to 57.3%, indicating the continued enhancement of dollar-zone funds' market dominance.

On the other hand, Ethereum is also receiving high attention. glassnode data shows that Ethereum's open contract position ratio has risen to nearly 40%, reaching a new high since April 2023. Standard Chartered Bank analysis suggests that treasury-type companies continue to increase ETH holdings, reflecting its rising strategic position in asset allocation. If fund inflows remain strong, ETH may break through the $4,000 mark.

4E reminds investors: Global compliance trends and traditional financial mechanisms are rapidly penetrating the Web3 market, with mainstream assets potentially showing stronger institutional logic. Investors should pay attention to regulatory developments and capital flows, seize structural opportunities, and be cautious of potential short-term corrections triggered by overheated sentiment.

4E: The Hong Kong Monetary Authority promotes real-name supervision of stablecoins, and the US SEC approves the physical subscription and redemption mechanism.