The US SEC has announced new standards for listing crypto ETFs, with Coinbase's futures-linked currency expected to be the first to be approved.

On July 31st, Bloomberg ETF Senior Analyst Eric Balchunas posted on social media that the U.S. Securities and Exchange Commission (SEC) has released its "listing standards" for cryptocurrency ETPs via new trading platform filings.

Greg Xethalis, General Counsel at Litecoin Capital, stated on the X platform that the CBOE has submitted an application for universal listing standards for crypto asset ETPs, and the New York Stock Exchange and Nasdaq are expected to follow suit soon. The new rules allow crypto asset ETPs whose underlying contracts have been listed on designated contract markets for at least six months to be listed on exchanges, and also support staking. The Solana ETP is expected to be approved by October 10th at the latest, and the XRP ETP will be approved slightly later, with both expected to launch in the fourth quarter.

The key conclusion is that any token listed on the Coinbase derivatives exchange and with continuous futures trading for at least six months is likely to be approved. Currently, approximately a dozen major cryptocurrencies meet the standards, as previously predicted to have an 85% or higher probability of approval. The only unresolved issue is timing; these ETFs are likely to be approved in September or October of this year.

For altcoins or meme coins that haven't yet launched futures (such as BONK and TRUMP), ETFization will require relying on the Investment Company Act of 1940 and adopting a different product structure. Historically, regulators have tended to favor a "pure spot" ETF model based on the Securities Act of 1933.

Note: The SEC's announcement specifically addresses the listing standards for cryptocurrency ETPs, but most of these upcoming cryptocurrency products will adopt an ETF structure.