PANews reported on July 1 that according to crypto journalist Eleanor Terrett, the SEC is reportedly working with exchanges to develop universal listing standards for token-based ETFs, which is still in the early stages. Relevant sources revealed that according to this idea, if a token meets the established standards, the issuer can skip the 19b-4 application process and directly submit an S-1 registration statement, wait 75 days, and then the exchange can list it. This method can save a lot of document exchanges and feedback for issuers and the SEC. As for what these listing standards are, it is not clear at present, but some speculate that factors such as market value, trading volume and liquidity are all taken into consideration. The SEC declined to comment through a spokesperson.