Hougan’s memo outlines a shift from case-by-case approvals to rules that could greenlight compliant filings within 75 days, provided an asset has futures trading on a regulated U.S. exchange such as CME, Cboe, or Coinbase Derivatives Exchange.

That template could unlock spot ETPs tied to solana, XRP, chainlink, cardano, avalanche, polkadot, hedera, dogecoin, shiba inu, litecoin, and bitcoin cash. He says the plan echoes the 2019 “ETF Rule,” which turned ETF issuance from a slog into an assembly line.

Before the rule, markets averaged 117 launches a year; afterward, the pace jumped to roughly 370 annually, with more issuers. However, floodgates don’t guarantee flows, he cautions.

The spot ethereum ETPs launched in June 2024 drew meaningful assets only months later, when interest in stablecoins and tokenization picked up. Hougan’s memo says products follow demand; they don’t create it.

What generic standards do is strip friction. Allocators can buy a ticker rather than wrangle wallets and exchanges, making it easier to act when fundamentals improve. The visibility may also normalize crypto for investors who start seeing tickers next to familiar funds.

Hougan frames the policy turn as a coming-of-age step, not a finish line. If futures listings expand, so will the menu of eligible ETPs, from blue-chip protocols to meme coins. The real catalysts remain macro conditions and real-world traction across stablecoins and tokenization.

For now, call it the pregame: pending standards could set the table for a year-end push, but the scoreboard still largely hinges ultimately on rates, liquidity, and whether crypto’s use cases move from white papers to the wild.

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