The Securities and Exchange Commission is gearing up for a cryptocurrency “ETPalooza” with generic listing standards, according to Bitwise investment chief Matt Hougan. Presently, launching a cryptocurrency ETF involves a time-consuming process that can take up to 240 days. However, with generic listing standards, approval can be guaranteed in 75 days or less.

The SEC is still finalizing these standards, but most proposals suggest that a cryptocurrency ETF can be launched if a futures contract for the underlying asset trades on a U.S.-regulated exchange. This could include exchanges like the Chicago Mercantile Exchange or Bitnomial. Hougan anticipates that a variety of crypto assets could soon gain ETPs under these new standards.

Hougan predicts that the adoption of generic listing standards will result in a surge of new cryptocurrency ETFs, including index offerings. He pointed out that before the ETF Rule was implemented, the industry launched an average of 117 new ETFs annually, which has since tripled to 370 per year. However, he emphasized that the influx of new cryptocurrency ETFs may not necessarily drive up cryptocurrency prices, as inflows are dependent on fundamentals.

Hougan also highlighted that the success of Ethereum ETFs only picked up after stablecoins gained popularity in April, despite being introduced a year prior. The launch of a variety of new cryptocurrency ETFs could potentially bring more diversity and accessibility to the market, but their impact on cryptocurrency prices remains uncertain.

Read more at Yahoo Finance: ‘Get Ready For Crypto’s ETPalooza’ As SEC Preps Crypto Listing Standards, Bitwise Investment Chief Says