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 Trade Fee (SEC).
The Nasdaq inventory exchange-listed ETF now consists of 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 permitted generic itemizing requirements for ETFs in September, paving the best way 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 characteristic 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 business executives anticipate a torrent of latest crypto ETF filings because of the new requirements, which is able to give inventory market contributors entry to the crypto markets and blur the road between conventional monetary devices and digital property.
Associated: SEC itemizing guidelines to spice up crypto ETFs, however no assure of inflows: Bitwise
US SEC begins approving multi-asset crypto ETFs to hasten innovation
The SEC permitted the Grayscale Digital Massive Cap Fund, the primary US multi-asset crypto ETF, on Sept. 17. Grayscale’s fund consists of 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 just lately proposed an “innovation exemption” for crypto corporations, a regulatory sandbox that might 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 sequence of statements and coverage proposals in 2025 designed to scale back the regulatory burden on crypto corporations — a stark departure from the SEC underneath former Chair Gary Gensler’s management.
These insurance policies embody ending regulation by enforcement or submitting lawsuits in opposition to 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
