PANews reported on July 31st that according to The Block, Cboe BZX Exchange and NYSE Arca have submitted a new rule proposal to the U.S. Securities and Exchange Commission (SEC), proposing the establishment of universal listing standards for cryptocurrency ETFs to expedite the approval process for related products. Currently, exchanges are required to submit Form 19b-4, and the approval process can take up to 240 days. If approved, the new proposal will eliminate the need for separate applications for crypto ETFs that meet the criteria, potentially significantly shortening the time to market. According to a Cboe spokesperson, the SEC could make a decision within as little as 21 days. NYSE Arca has also simultaneously submitted a similar rule change application aimed at improving market efficiency and promoting competition.