The U.S. Securities and Exchange Commission (SEC) is reportedly in the early stages of collaborating with major exchanges to develop a universal listing standard for token-based exchange-traded funds (ETFs).

An inside source told Fox Business reporter Eleanor Terrett that if a token meets the criteria, issuers could potentially skip the lengthy and document-heavy 19b-4 process, file an S-1, and the exchange could list it after a 75-day waiting period.

This story is an excerpt from the Unchained Daily newsletter.

Currently, listing a token-based ETF in the U.S. typically takes between six to eight months. The 19b-4 process alone involves two 45-day windows, but additional review and feedback cycles often extend the total wait to half a year or more.

“What those listing standards would be is still unclear, but some are speculating market cap, trading volume and liquidity are all under consideration,” said Terrett, noting that an SEC spokesperson had declined to comment.