On 26 September 2025, the United States Securities and Exchange Commission (United States SEC) published [Release No. 34-104103; File No. SR-NYSEARCA-2025-74] titled “Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Bitwise Ethereum ETF Shares.” The notice records that NYSE Arca, Inc. filed the proposal under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. The filing was processed as a “non-controversial” proposal under Section 19(b)(3)(A)(iii) and United States SEC Rule 19b-4(f)(6). The Exchange seeks to shift the Bitwise Ethereum ETF from Rule 8.201-E (Non-Generic) to Rule 8.201-E (Generic), effective immediately upon filing, subject to compliance with continued listing requirements. This transition reflects the broader move towards generic listing standards for crypto exchange-traded products, reinforcing predictability and consistency in United States ETF regulation.
The notice sets out the background, purpose, and legal basis for the proposal. The United States SEC confirms that NYSE Arca, Inc. seeks to amend the Bitwise Ethereum ETF so that its shares, currently listed under Rule 8.201-E (Non-Generic), will instead be governed by Rule 8.201-E (Generic). The Exchange states:
“The Exchange proposes to amend the Bitwise Ethereum ETF (the ‘Trust’), shares of which are currently listed and traded on the Exchange pursuant to Rule 8.201-E (Non-Generic), to list and trade on the Exchange pursuant to Rule 8.201-E (Generic).”
The Trust will need to meet all the requirements of Rule 8.201-E (Generic) and remain compliant with its continued listing obligations.
Statutory Basis of Filing under Generic
The Exchange argues that the proposal is consistent with Section 6(b) of the United States Securities Exchange Act of 1934 and, in particular, Section 6(b)(5). The filing states:
“The Exchange believes the proposed rule change is consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest.”
The transition from non-generic to generic rules will allow the Trust to continue listing and trading under a more standardised framework.
On 23 May 2024, the Commission issued Release No. 100224, granting approval for Ether-based exchange-traded products. At this stage, the Bitwise Ethereum ETF and other Ether funds were permitted to list and trade under Rule 8.201-E (Non-Generic). This was a case-by-case approval process, where each product required a bespoke regulatory order before being allowed to operate.
On 17 September 2025, when the United States SEC adopted generic listing standards for Commodity-Based Trust Shares. This reform, set out in Release No. 103995, replaced the need for one-off approval orders with a standing rule. From this date onwards, funds could be listed and traded provided they met the uniform requirements of Rule 8.201-E (Generic).
Building on this development, on 26 September 2025, NYSE Arca, Inc. submitted a filing to transition the Bitwise Ethereum ETF from its existing non-generic framework to the new generic standards. The Commission recorded this filing as [Release No. 34-104103; File No. SR-NYSEARCA-2025-74]. Importantly, the filing was processed as a “non-controversial” proposal under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6) of the United States Securities Exchange Act of 1934. This allowed for immediate effectiveness without the standard 30-day operative delay.
On the same date, 26 September 2025, the United States SEC waived the operative period, confirming that the filing would be effective immediately. The US SEC explained that this waiver was consistent with investor protection and did not introduce novel regulatory issues. As a result, the Bitwise Ethereum ETF became subject to the requirements of Rule 8.201-E (Generic) from the moment of filing. This ensured continuity in trading while aligning the product with the new, streamlined framework.
In future, other funds that had been approved under non-generic orders, might need to transition through similar filings. Each will be required to demonstrate compliance with the generic listing provisions and to maintain adherence to continued listing standards. The crypto ETFs in the United States will move away from bespoke approval regimes and instead operate under a unified generic system governed by the US SEC.
(Source: https://www.sec.gov/files/rules/sro/nysearca/2025/34-104103.pdf)
