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#SEC Requests Withdrawal of Crypto ETF 19b-4 Filings

The Securities and Exchange Commission has asked crypto exchange-traded fund issuers to withdraw their 19b-4 filings, paving the way for faster approvals as the new rules remove a key regulatory hurdle. The shift follows the SEC's approval of generic listing standards earlier this month, allowing exchanges to list commodity-based products, including cryptocurrencies, without requiring separate reviews for each one.

Asset managers have filed proposals for spot crypto ETFs covering coins like $SOL, $LTC and $DOGE over recent months. These proposals included both 19b-4 and S-1 filings, reflecting the two-part process required under previous rules.

Historically, issuers had to work with exchanges to submit 19b-4 filings, which are formal requests to amend exchange rules before an #ETF could be listed. Under the updated framework, that step is no longer required for certain products, and issuers now only need to file an S-1 detailing an ETF's structure and strategy.

Bloomberg Intelligence ETF analyst James Seyffart noted that the SEC could move absurdly fast if they really wanted to, meaning approvals could happen in a matter of days. However, he added that there is no guarantee of that timeline and pointed to uncertainty around how the agency will sequence approvals.

The 19b-4 route involved exchanges such as #Nasdaq or NYSE Arca petitioning the SEC to change their listing standards each time a new product was introduced, a process that often took months. With the SEC's updated stance, exchanges can list crypto-based #ETFs falling within the generic commodity ETP category without seeking a rule change every time.

This places the approval burden squarely on the S-1 filing, which remains under the SEC's direct review. The change marks a shift in the agency's approach to #crypto markets, potentially opening the door for a wider range of digital asset funds to come to market with fewer regulatory delays.