The U.S. Securities and Exchange Commission, that august body of bureaucratic wisdom, has granted its solemn blessing to the Hashdex Nasdaq Crypto Index US ETF (NASDAQ: NCIQ). With a stroke of its pen, the SEC has allowed this fund to venture beyond the safe confines of Bitcoin and Ethereum, embracing the wild frontiers of XRP, Solana, and Stellar. A bold move, indeed, for a creature of regulation.
This Exchange Traded Fund, a marvel of financial engineering, received its holy decree last Thursday. Hashdex, ever the dutiful servant of the markets, had updated its trust structure to appease the whims of Nasdaq’s revised requirements. A “Third Amended and Restated Trust Agreement” was unveiled, sealing the pact between Hashdex Asset Management Ltd. and CSC Delaware Trust Company. Such formalities! Such paperwork! And yet, the ETF, nestled in Delaware and bestowed the title of “emerging growth company,” saw no changes to its fiscal year or any grand financial revelations. How anticlimactic!
The Great Acceleration: October Beckons
The SEC, in its infinite wisdom, has adopted new listing rules to expedite the approval process for crypto ETFs. Gone are the days of languishing in bureaucratic purgatory for up to 270 days. Now, qualifying products can bask in the sunlight of approval within a mere 75 days. A veritable sprint!
This change has stirred the pot of activity. Steven McClurg, Founder of Canary Capital Group, observes that a dozen filings already sit before the SEC. Jonathan Groth of DGIM Law predicts a “boom time” for crypto ETFs in Q4 2025. Teddy Fusaro, President of Bitwise, notes that most applications are nearing the end of their review phase. Analysts whisper of ETFs tracking SOL and XRP gracing the markets as early as October. Oh, the anticipation!
The Path Simplified? Not So Fast!
Under the revised framework, an ETF must meet at least one of three sacred criteria to qualify for the streamlined process: the underlying asset must trade on a regulated exchange, have CFTC-regulated futures contracts active for at least six months, or be held by another ETF with at least 40% direct allocation. Such clarity! Such simplicity!
Yet, not all issuers are prepared. Kyle DaCruz, Head of Digital Assets at VanEck, admits with refreshing candor, “Not all of our existing filings qualify.” Legal reviews are underway, as the industry scrambles to decipher the new rules. One can almost hear the gnashing of teeth.
With XRP, SOL, and XLM now part of its portfolio, Hashdex’s NCIQ ETF stands as a beacon of broader crypto exposure in regulated markets. It signals the dawn of what may be the largest wave of crypto ETF launches yet. A momentous occasion-or perhaps merely another chapter in the ceaseless drama of finance.
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2025-09-25 10:02