REX-Osprey filed prospectuses for 21 crypto funds and Defiance lodged six extra merchandise on Oct. 3.
Bloomberg’s James Seyffart shared the filings on X, with REX-Osprey’s roster spanning single-asset methods, together with AAVE, ADA, ATOM, and ENA. A number of the filings included staking options.
Defiance’s submissions included six leveraged funds associated to crypto, three of them lengthy Bitcoin, Ethereum, and Solana, whereas the opposite three targeted on brief publicity. All six of the filings supply 3x leverage.
Seyffart famous that “3x isn’t actually allowed by the brand new leveraged ETP guidelines,” and that the issuer seems to be “focusing on” 3x by way of choices to exceed the usual 2x cap.
The surge of paperwork follows the SEC’s approval on Sept. 17 of generic itemizing requirements for crypto-related ETPs throughout Cboe, Nasdaq, and NYSE Arca.
The principles have been designed to streamline spot crypto listings by eradicating 19b-4 approvals and shifting the bottleneck to the effectiveness of S-1 filings.
Bloomberg senior ETF analyst Eric Balchunas now sees the approvals as a matter of time, not eligibility.
On Sept. 29, he wrote that altcoin ETF approvals are “actually 100% now,” given generic requirements render the outdated 19b-4 “clock” moot and depart S-1s awaiting Corp Fin’s inexperienced mild.
For the second, that inexperienced mild is crimson. With the US authorities shut down, the SEC is working with restricted workers and isn’t reviewing or declaring registration statements efficient.
Based on Balchunas, “every thing is on ice… it’s like a rain delay,” suggesting issuers will queue till the company reopens.
However, the present delays don’t change the regulatory construction set to streamline ETF approvals as soon as operations resume.
The Oct. 3 filings highlighted how generic requirements have shifted the aggressive focus from profitable one-off rule adjustments to racing S-1s via Corp Fin.
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