Rex-Esprey has submitted prospectuses for 21 crypto funds and rebellion served six products more on 3 October.
James Seyffart van Bloomberg shared the files on X, with the schedule of Rex-Esprey about a single-asset strategies, including Aave, Ada, Atom and ENA. Some archives include setting functions.
The entries of Defiance include six leverage funds with regard to crypto, three of them long bitcoin, Ethereum and Solana, while the other three concentrated on short exposure. All six files offer 3x leverage.
Seyffart noted that “3x is not really permitted by the new livered ETP rules”, and that the issuent seems to “targeting” 3x 3x via options to exceed the standard 2x -cap.
The increase in paperwork follows the approval of the SEC on 17 September of generic listing standards for crypto-related ETPs in CBOE, Nasdaq and NYSE ARCA.
The rules are designed to streamline crypto listings by removing 19B-4 approvals and moving the bottleneck to the effectiveness of S-1 files.
Bloomberg Senior ETF analyst Eric Balchunas now sees the approvals in the construction, not qualifying.
On September 29, he wrote that Altcoin ETF approvals are ‘real 100% now’, since generic standards display the old 19B-4 ‘Klok’ mete and let S-1s wait for the green light of Corp Fin.
At the moment that is green light red. Now that the US government is being closed, the SEC is active with limited staff and the registration statements is not effectively assessed or explained.
According to Balchunas: “Everything is on ice … it is like a rain delay,” suggests that emptents stand in line until the desk reopens.
Nevertheless, the current delays do not change the regulatory structure set to streamline ETF approvals as soon as the operations are resumed.
The 3 October files emphasized how generic standards have shifted competitive focus from winning one-off changes in Racing S-1S via Corp Fin.