On July 1, PANews reported that, according to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission is reportedly collaborating with various exchanges to develop a universal listing standard for token-based ETFs, which is currently in the early stages. Sources revealed that under this approach, if a certain token meets the established standards, the issuer can skip the 19b-4 application process and directly submit an S-1 registration statement, waiting for 75 days, after which the exchange can list it. This method could save a significant amount of paperwork and feedback work for both the issuer and the U.S. Securities and Exchange Commission. As for what these listing standards specifically entail, it is still unclear, but some speculate that factors such as market capitalization, trading volume, and liquidity are being considered. The U.S. Securities and Exchange Commission declined to comment through a spokesperson.