Big News: SEC Approves Hashdex Crypto ETF To Include XRP, SOL, And XLM

Samantha Luan

Cryptocurrency

Forex

Economic

Summary:

● SEC approves Hashdex ETF to add XRP, SOL, XLM alongside BTC.

● New SEC rules streamline crypto ETF approval, boosting market growth.

● Institutional interest in XRP, SOL, XLM grows with ETF inclusion.

The SEC has officially approved the Hashdex Nasdaq Crypto Index ETF under its updated listing standards, allowing the fund to include XRP, Solana, and Stellar alongside its existing holdings of Bitcoin and Ethereum .Listed as NASDAQ:NCIQ, the ETF updated its trust structure to align with Nasdaq’s revised regulations, ensuring compliance. This was confirmed in a Form 8-K filing, which detailed the inclusion of a “Third Amended and Restated Trust Agreement,” replacing the previous version.

This approval is a direct result of the SEC’s recent decision to simplify the listing process for crypto ETFs. Under the new guidelines, qualified ETFs can bypass the lengthy case-by-case review, drastically reducing the approval time from up to 270 days to just 75 days.The industry is now bracing for a surge in new crypto ETF launches, with multiple asset managers preparing to file their applications to take advantage of these more streamlined rules.

Broader Market Impact and Future Launches

The inclusion of XRP, SOL, and XLM marks a significant expansion for the ETF, as the new SEC rules allow funds to add coins that are traded on regulated exchanges or have active futures markets. These altcoins meet the criteria, enabling them to be added to the ETF alongside Bitcoin and Ethereum.This shift highlights the growing acceptance of altcoins in traditional financial products. Bitcoin and Ethereum have long dominated crypto ETFs, but the approval of additional assets signals a broader trend towards diversification within the crypto market.

The move could also lead to greater liquidity for XRP, SOL, and XLM, as institutional interest in the ETF increases demand for these coins, potentially boosting trading volumes and market efficiency.With this approval, the floodgates are expected to open for more crypto ETFs. Other asset managers, including Grayscale and VanEck, are preparing to follow Hashdex’s lead and file for approval under the new rules. However, not all crypto ETFs currently in the pipeline may qualify under the new criteria, as some may fail to meet the updated requirements.

Source: CryptoSlate

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