Asset manager Hashdex has broadened its Crypto Index US exchange-traded fund (ETF) to incorporate XRP (XRP), SOL (SOL), and Stellar (XLM) following a change in the generic listing rule by the Securities and Exchange Commission (SEC).
The ETF, listed on the Nasdaq, now comprises five cryptocurrencies managed on a 1:1 basis by the fund, including Bitcoin (BTC) and Ether (ETH), and is trading under the ticker symbol NCIQ, as stated in Thursday’s announcement.
The SEC’s approval of generic listing standards for ETFs in September streamlines the ETF approval process for qualifying cryptocurrencies.
For a cryptocurrency to be eligible for generic listing, it must be classified as a commodity or have futures contracts available on reputable exchanges. Moreover, these cryptocurrencies must be monitored under the financial surveillance of the US Intermarket Surveillance Group.
Market analysts and industry leaders expect a surge of new crypto ETF applications in response to the new standards, enabling stock market participants to access the crypto markets and merging traditional financial instruments with digital assets.
Related: SEC listing rules to enhance crypto ETFs, but inflow guarantees remain uncertain: Bitwise
US SEC accelerates innovation by approving multi-asset crypto ETFs
The SEC sanctioned the Grayscale Digital Large Cap Fund, marking the first US multi-asset crypto ETF, on Sept. 17. This fund includes BTC, ETH, XRP, SOL, and Cardano (ADA).
SEC Chair Paul Atkins is leading efforts to expedite the ETF approval process for cryptocurrencies as part of a larger initiative to modernize the financial system for digital finance.
Atkins recently advocated for an “innovation exemption” for crypto firms, establishing a regulatory framework that would allow crypto initiatives to experiment with new technologies without concerns of regulatory retaliation from governmental authorities.
The SEC, at the request of US President Donald Trump’s administration, has issued several statements and policy proposals in 2025 aimed at alleviating the regulatory strain on crypto enterprises — a significant shift from the SEC under the leadership of former Chair Gary Gensler.
These initiatives include ceasing regulation through enforcement or litigation against projects without prior notice, developing comprehensive market structure regulations for digital assets, and classifying most cryptocurrencies as commodities.
Magazine: SEC’s change of direction regarding crypto leaves critical questions unresolved
