The U.S. Securities and Exchange Commission (SEC) is in the early stages of developing a generic listing standard for token-based exchange-traded funds (ETFs) in collaboration with major exchanges including Cboe BZX and NYSE Arca. This initiative aims to streamline and accelerate the approval process for crypto ETFs by allowing issuers to bypass the traditional 19b-4 filing procedure. Under the proposed framework, if a token meets specific criteria such as market capitalization, trading volume, and liquidity, issuers could file an S-1 prospectus and list the ETF after a 75-day waiting period. The exchanges have formally requested the SEC to review rule changes that would align crypto ETF approval timelines with those in traditional finance, potentially enabling approvals to begin as early as October 2025. This effort is intended to simplify regulatory requirements and facilitate faster market access for a broader range of crypto asset products.