SEC Pushes for Faster Crypto ETF Approvals by Dropping 19b-4 Requirement
29/9/2025

The U.S. Securities and Exchange Commission (SEC) has instructed crypto ETF issuers to withdraw their 19b-4 filings, a move that could accelerate approvals under recently updated rules, according to sources familiar with the matter.

Earlier this month, the SEC adopted generic listing standards allowing exchanges to list commodity-based exchange-traded products (ETPs), including crypto ETFs, without submitting each product for individual review. This streamlines the process and reduces regulatory friction for spot crypto ETFs.

Previously, issuers needed to submit 19b-4 filings—formal requests for exchanges to amend their listing rules—before an ETF could launch. Under the updated framework, that step is no longer necessary for certain products. Issuers now only need to file an S-1 registration statement detailing the ETF’s structure and strategy to gain SEC approval.

“Approvals could happen absurdly fast if the SEC wants to move,” said James Seyffart, Bloomberg Intelligence ETF analyst. “We could see decisions in days, though there’s no guarantee. The pace may also depend on which firm filed first, as the SEC often follows a first-to-file approach.”

In recent months, asset managers have submitted multiple spot crypto ETF proposals covering coins like Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). These filings included both 19b-4 and S-1 submissions under the previous process. Removing the 19b-4 requirement could significantly shorten the path to market, as exchanges no longer need to petition the SEC to change their listing standards for every new ETF.

Now, the SEC’s review will focus on the S-1 filings themselves, while exchanges can list eligible crypto-based ETFs under the generic commodity ETP rules. The change reflects a broader shift in the SEC’s approach, potentially opening the door to a wider range of digital asset funds reaching investors with fewer regulatory delays.

“Everything is uncertain,” Seyffart added. “Combine that with the potential for a government shutdown, and the timing could get messy.”