Spotify's direct listing jumps big regulatory hurdle

Spotify is a giant step closer to going public without engaging in a traditional IPO process, as the SEC has approved a New York Stock Exchange request to modify certain rules related to direct listings.

Why it matters: The direct listing for Spotify, which confidentially filed to go public in late December, is being closely watched by other tech "unicorns," like Airbnb, Lyft and Uber. If successful, others might follow suit.