Hashdex expands Crypto Index US ETF under SEC generic listing standards
News Summary
Asset manager Hashdex has expanded its Crypto Index US exchange-traded fund (ETF) to include XRP, SOL, and Stellar (XLM), alongside Bitcoin (BTC) and Ether (ETH), following the Securities and Exchange Commission’s (SEC) generic listing rule change. The Nasdaq-listed ETF, trading under ticker NCIQ, now holds five cryptocurrencies on a 1:1 basis. In September, the SEC approved generic listing standards for ETFs, accelerating the approval process for eligible cryptocurrencies. To qualify, a cryptocurrency must be classified as a commodity or have futures contracts listed on reputable exchanges, and be subject to financial surveillance under the US Intermarket Surveillance Group. Market analysts and industry executives anticipate a surge in new crypto ETF filings due to these new standards. SEC Chair Paul Atkins, at the behest of President Donald Trump’s administration, is spearheading efforts to streamline crypto ETF approvals as part of a broader financial system modernization. The SEC’s 2025 policy proposals aim to reduce regulatory burdens on crypto companies, signaling a departure from previous leadership, by ending regulation by enforcement, crafting comprehensive market structure rules, and classifying most cryptocurrencies as commodities.
Background
In 2025, the U.S. Securities and Exchange Commission (SEC), under the Trump administration, has undergone a significant policy shift aimed at reducing the regulatory burden on the cryptocurrency industry, a stark departure from the SEC's stance under former Chair Gary Gensler. This pivot includes ending “regulation by enforcement” and actively crafting comprehensive market structure rules for digital assets. SEC Chair Paul Atkins has been instrumental in these changes, proposing concepts like an “innovation exemption” to provide a regulatory sandbox for crypto projects. The approval of generic listing standards is part of this broader effort to integrate digital assets more deeply into the traditional financial system, offering institutional investors easier access to crypto markets.
In-Depth AI Insights
What are the broader strategic implications of the Trump administration's pro-crypto stance and the SEC's policy shift for the digital asset market? - This pivot signals a potential solidification of the U.S.'s leadership in the global digital asset space. By providing clearer regulatory frameworks and reducing enforcement-led interventions, the U.S. aims to attract innovation and retain crypto businesses, preventing capital and talent drain to more crypto-friendly jurisdictions. - The shift from