Key Highlights
- CBOE’s filing establishes a 6-month futures benchmark for crypto ETPs
- Proposed rules allow yield-generating crypto ETPs
- Analysts expect the first wave of approvals could arrive by October
The Chicago Board Options Exchange (CBOE) has filed for Generic Listing Standards (GLS) for Crypto Asset Exchange-Traded Products (ETPs).
The filing, submitted to the U.S. Securities and Exchange Commission (SEC), sets a clear regulatory pathway for the approval of spot crypto ETPs, which can potentially open the doors for a wave of new digital asset investment vehicles as early as this fall.
The development comes after the SEC’s recent approval of in-kind creations and redemptions for crypto ETPs, a major shift from the cash-only model initially imposed on spot Bitcoin and Ether funds.
With the CBOE’s proposed standards now in play, the stage is set for a broader range of crypto ETPs, including those tied to Solana (SOL) and XRP, to enter the market under a streamlined regulatory framework.
A Clear Path to Approval: The 6-Month Futures Benchmark
The CBOE’s proposed rule states that a crypto ETPs (like ETFs) can be listed if its underlying asset has a futures contract trading on a Designated Contract Market (DCM) for at least 6 months.
This criterion effectively greenlights ETPs for cryptocurrencies that have already gained regulatory acceptance via derivatives markets. This list includes Solana, XRP, and other top-tier assets with established futures on platforms like the CME, Coinbase Derivatives, and Bitnomial.
Notably, Solana futures were listed on the CME in mid-March 2025, meaning they will hit the six-month threshold by September 17, 2025.
Given that SOL futures were also certified on Bitnomial and NADEX slightly earlier, some analysts suggest the SEC could approve Solana ETPs even sooner—potentially aligning with the October 10 deadline for several pending Solana ETP applications.
XRP futures, which launched after SOL, may follow shortly thereafter. Industry experts now anticipate a wave of approvals in Q4 2025, with Solana and XRP ETPs leading the charge.
Staking Integration: A Game-Changer for Yield-Generating Crypto ETPs
According to experts, the most crucial aspect of the CBOE’s filing is its provision for staking within crypto ETPs. Under Proposed Rule 14.11(e)(4)(G), issuers must implement a liquidity risk management program if less than 85% of the assets are available for immediate redemption.
This framework paves the way for staking-enabled ETPs, which allow investors to earn yield while maintaining exposure to assets like Solana, which natively supports staking mechanisms.
This move aligns with the SEC’s increasingly merit-neutral approach to crypto regulation, as emphasized by SEC Chairman Paul S. Atkins in yesterday’s announcement:
“It’s a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets. Investors will benefit from these approvals, as they will make these products less costly and more efficient.”
Jamie Selway, Director of the Division of Trading and Markets, stated in a press release, “The Commission’s decision today is an important development for the growing marketplace for crypto-based ETPs. In-kind creation and redemption provide flexibility and cost savings to ETP issuers, authorized participants, and investors, resulting in a more efficient market.”
The Road to Final Approval
The CBOE’s filing will now enter a 21-day public comment period upon publication in the Federal Register, expected this week. Following this, the SEC will review feedback before finalizing the rule—a process that could take under 60 days.
In the meantime, the SEC faces pending 19b-4 applications for Solana and XRP ETPs. The agency could choose to approve these individually before the GLS is finalized or wait for the new standards to take effect. Either way, market participants are preparing for a flurry of crypto ETP launches by early Q4.
The CBOE’s filing is a watershed moment for the crypto industry, which shows that U.S. regulators are finally embracing a structured yet flexible approach to digital asset investment products.
Earlier today, the White House’s Working Group disclosed its long-anticipated digital asset policy report, but it lacks any reference to a proposed Bitcoin Reserve.
The 120-page report on the Digital Asset market lays out a roadmap for regulatory reform, but does not address this highly publicized plan.
Also Read: Trump’s Crypto Policy Arrives Without Bitcoin Reserve Mention
