Asset manager Hashdex has broadened its Crypto Index US exchange-traded fund (ETF) to incorporate XRP (XRP), SOL (SOL), and Stellar (XLM) in light of the recent generic listing rule modification by the Securities and Exchange Commission (SEC).
The ETF, listed on the Nasdaq stock exchange, now encompasses five cryptocurrencies held 1:1 by the fund, which includes Bitcoin (BTC) and Ether (ETH), and trades under the ticker symbol NCIQ, as stated in Thursday’s announcement.
The SEC’s approval of generic listing standards for ETFs in September facilitates a quicker ETF approval process for eligible cryptocurrencies.
To be eligible for generic listing, a cryptocurrency must be regarded as a commodity or possess futures contracts traded on reputable exchanges. Furthermore, eligible cryptocurrencies are required to be under financial scrutiny by the US Intermarket Surveillance Group.
Market analysts and industry leaders predict a flood of new crypto ETF filings due to the updated standards, paving the way for stock market participants to engage with crypto markets and merging traditional financial instruments with digital assets.
Related: SEC listing rules expected to enhance crypto ETFs, though inflows remain uncertain: Bitwise
US SEC initiates approval of multi-asset crypto ETFs to accelerate innovation
The SEC greenlit the Grayscale Digital Large Cap Fund, the inaugural US multi-asset crypto ETF, on Sept. 17. Grayscale’s fund encompasses BTC, ETH, XRP, SOL, and Cardano (ADA).
SEC Chair Paul Atkins is leading initiatives to streamline the ETF approval process for cryptocurrencies as a part of a larger objective to modernize the financial landscape for digital finance.
Atkins recently proposed an “innovation exemption” for crypto firms, creating a regulatory sandbox that would allow crypto ventures to test new technologies without the fear of regulatory backlash from governmental entities.
The SEC, responding to requests from US President Donald Trump’s administration, has released a series of statements and policy initiatives in 2025 aimed at easing the regulatory load on crypto companies—marking a significant shift from the SEC’s stance under former Chair Gary Gensler.
These initiatives include ceasing regulation through enforcement or lawsuits against projects without proper notice, establishing comprehensive market structure regulations for digital assets, and categorizing the majority of cryptocurrencies as commodities.
Magazine: SEC’s shift on crypto presents key unanswered questions
