SEC Approves Hashdex Nasdaq Crypto Index US ETF to Operate Under New Generic Listing Standards

Summary

The U.S. Securities and Exchange Commission (SEC) has approved a rule change allowing the Hashdex Nasdaq Crypto Index US ETF to operate under new generic listing standards. This marks a significant step for crypto ETFs in the U.S., as the fund is now permitted to hold a broader range of crypto assets beyond Bitcoin (BTC) and Ethereum (ETH), including XRP, Solana (SOL), and Stellar (XLM).

What the Approval Means

• Generic Listing Standards:
  The Nasdaq Stock Market filed the proposed change on September 22, 2025, and the SEC granted immediate effectiveness under Section 19(b)(1) of the Securities Exchange Act of 1934. This allows the Hashdex ETF to come under Nasdaq Rule 5711(d), which streamlines listing requirements for certain index-based exchange-traded products.
• Expanded Asset Coverage:
  Previously, U.S. spot crypto ETFs were effectively restricted to BTC and ETH. Under the new framework, the Hashdex Nasdaq Crypto Index US ETF can hold additional large-cap digital assets, most notably XRP, SOL, and XLM.
• Regulatory Oversight:
  The SEC waived the usual five-business-day review period, granting immediate approval. The Commission also opened a comment⁸ window for public feedback on the rule change.

Industry Implications

1. Broader Market Access for Investors
   The decision gives U.S. investors easier regulated exposure to multiple leading cryptocurrencies in a single ETF product, reducing the need to manage individual token holdings.
2. Validation of Non-BTC/ETH Assets
   Including XRP, Solana, and Stellar in a U.S.-listed ETF reflects growing institutional recognition of non-BTC/ETH digital assets as having sufficient liquidity, market depth, and regulatory clarity.
3. Competitive Pressure on Other Issuers
   Other asset managers may now seek similar approvals to expand their crypto ETFs, potentially leading to broader multi-asset crypto index funds.
4. Regulatory Milestone
   The SEC’s move signals an evolving stance: while cautious, the Commission appears increasingly open to structured, rules-based expansion of digital asset products in U.S. markets.

Challenges & Risks

• Regulatory Uncertainty: Despite this approval, crypto assets like XRP and SOL continue to face regulatory questions, especially regarding securities classification.
• Market Volatility: Inclusion of more assets could introduce higher volatility compared to BTC/ETH-only funds.
• Operational Oversight: Custody, pricing indices, and liquidity for non-BTC/ETH assets must meet stringent oversight to maintain investor protection.

Next Steps

• The Hashdex Nasdaq Crypto Index US ETF will update its holdings to reflect the expanded asset pool.
• Market participants, including institutional⁸ investors and ETF issuers, will likely monitor performance and regulatory responses closely.
• Public comments to the SEC are open, offering stakeholders a chance to weigh in on this precedent-setting change.

Conclusion

The SEC’s approval of the Hashdex Nasdaq Crypto Index US ETF under new generic listing standards represents a milestone for the U.S. crypto ETF market. By expanding beyond⁴ Bitcoin and Ethereum to include XRP, Solana, and Stellar, the decision broadens investor access and signals a cautious but meaningful step toward mainstreaming a wider set of digital assets in regulated markets.

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