The U.S. Securities and Exchange Commission is working with exchanges on a universal listing standard that would allow certain token-based exchange-traded funds to come to market without first securing an individual rule change, according to people familiar with the discussions. Under the approach being considered, an issuer whose token meets the new criteria could bypass the traditional 19b-4 rule-change filing and instead submit a standard S-1 registration statement. After the customary 75-day review period, the fund could begin trading, substantially shortening the current approval timeline and reducing administrative burdens. The effort is described as being in its early stages. It signals that the SEC, which has historically taken a cautious stance toward crypto-related products, is exploring ways to streamline oversight while maintaining consistent disclosure standards.