Asset supervisor Hashdex expanded its Crypto Index US exchange-traded fund (ETF) to incorporate XRP (XRP), SOL (SOL) and Stellar (XLM) following the generic itemizing rule change from the Securities and Alternate Fee (SEC).
The Nasdaq inventory exchange-listed ETF now contains 5 cryptocurrencies held 1:1 by the fund, together with Bitcoin (BTC) and Ether (ETH), and is buying and selling underneath the ticker image NCIQ, in response to Thursday’s announcement.
The SEC approved generic listing standards for ETFs in September, paving the way in which for a quicker ETF approval course of for eligible cryptocurrencies.
To qualify for generic itemizing eligibility, a cryptocurrency have to be labeled as a commodity or function futures contracts listed on respected exchanges. Moreover, eligible cryptos have to be topic to monetary surveillance underneath the US Intermarket Surveillance Group.
Market analysts and trade executives anticipate a torrent of latest crypto ETF filings because of the new requirements, which can give inventory market members entry to the crypto markets and blur the road between conventional monetary devices and digital property.
Associated: SEC listing rules to boost crypto ETFs, but no guarantee of inflows: Bitwise
US SEC begins approving multi-asset crypto ETFs to hasten innovation
The SEC approved the Grayscale Digital Large Cap Fund, the primary US multi-asset crypto ETF, on Sept. 17. Grayscale’s fund contains BTC, ETH, XRP, SOL and Cardano (ADA).
SEC Chair Paul Atkins is spearheading efforts to streamline the ETF approval course of for cryptocurrencies as a part of a broader initiative to modernize the monetary system for digital finance.
Atkins not too long ago proposed an “innovation exemption” for crypto companies, a regulatory sandbox that will permit crypto tasks to experiment with new applied sciences with out worry of regulatory reprisal from authorities businesses.
The SEC, on the behest of US President Donald Trump’s administration, has issued a collection of statements and coverage proposals in 2025 designed to cut back the regulatory burden on crypto corporations — a stark departure from the SEC under former Chair Gary Gensler’s leadership.
These insurance policies embrace ending regulation by enforcement or submitting lawsuits towards tasks with out due discover, crafting complete market construction guidelines for digital property and classifying most cryptocurrencies as commodities.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
