The approval amended NYSE Arca Rule 8.500-E, allowing the trust’s units to trade on the exchange once the operational details are cleared.
When the stay is lifted, the fund will transition to an in-kind creation and redemption format, replacing the current closed-end structure.
Recent reports suggested that the SEC and US exchanges are working on drafting a generic listing standard for token ETFs.
Under the proposal, an issuer would file only a Form S-1, wait the customary 75 days, and launch if the registration becomes effective. The framework would allow issuers to sidestep the current Rule 19b-4 change each product now needs.
Seyffart called the prospect “very good news” because a single standard would shorten timelines and supply clear thresholds for market capitalization, trading volume, and liquidity.
Based on one of Seyffart’s theories, the regulator might be waiting to give GDLC full clearance so it can approve the other ETFs under the same standards.
Notably, the deadline for a decision on Bitwise’s filing expires on July 31, which could be a key date to watch and expect for the rumored framework.
