SEC's ETF Expansion Signals Maturing Crypto Regulation and Mainstream Acceptance
The U.S. Securities and Exchange Commission (SEC) has cleared Hashdex’s Nasdaq Crypto Index US ETF (NCIQ) to expand its benchmark index to include Ripple (XRP), SolanaSOL-- (SOL), and StellarXLM-- (XLM), alongside CardanoADA-- (ADA), ChainlinkLINK-- (LINK), and UniswapUNI-- (UNI). This approval marks one of the first applications of the SEC’s updated generic listing standards for commodity-based trust shares, which streamline the approval process for crypto ETFs[1]. Under the new framework, qualifying products can be cleared in as little as 75 days, a significant reduction from the previous average of 270 days[2]. The move reflects growing regulatory flexibility toward institutional-grade exposure to altcoins, a shift accelerated by pro-crypto developments following the 2024 U.S. presidential election[3].
The ETF’s index now includes nine cryptocurrencies, with BitcoinBTC-- (BTC) and EthereumETH-- (ETH) retaining dominant weights of 72.46% and 14.33%, respectively[1]. XRPXRP--, SOLSOL--, and XLMXLM-- are allocated 6.92%, 4.09%, and 0.33% in the current portfolio[1]. However, the ETF’s holdings remain limited to BTCBTC-- and ETHETH-- due to existing regulatory constraints. Nasdaq filed a proposed rule change in June 2025 to formally align the ETF’s holdings with its broader index, a decision expected by November 2, 2025[4]. Until then, the fund uses a sampling strategy to approximate the index’s performance, creating a tracking error risk[4].
Market data for the newly included assets highlights mixed short-term dynamics. XRP trades at $2.85 with a 5.92% supply inflation rate, while SOL is at $205.50 after a 2.22% dip and a 30% decline from its peak. XLM is trading at $0.3634, down 61% from its all-time high[1]. Despite bearish sentiment, on-chain activity for these tokens has increased, signaling institutional accumulation. Analysts note that upcoming developments—such as Solana’s Alpenglow Consensus upgrade and XRP’s RLUSD stablecoin launch—could drive medium-term bullish momentum[1].
The regulatory shift has broader implications for the crypto market. The inclusion of XRP, SOL, and XLM in the index follows a recent surge in ETF-related activity. For instance, the REX-Osprey XRP ETF (XRPR) generated $37.5 million in volume on its debut in September 2025[3]. Market observers expect a wave of spot ETF approvals by October 2025, with multiple issuers, including Franklin and 21Shares, advancing applications[3]. If the SEC approves these funds, it could catalyze further institutional adoption and liquidity for altcoins.
Long-term fundamentals for the included assets remain positive. XRP’s focus on Asia-Pacific expansion and real-world asset (RWA) tokenization, Solana’s ACE framework for global capital markets, and XLM’s partnerships with Archax and Visa for stablecoin infrastructure underscore their strategic value[1]. Institutional demand for these tokens is growing, though short-term volatility persists amid broader market corrections. The SEC’s evolving stance, coupled with the HashdexNCIQ-- ETF’s index expansion, signals a maturing regulatory environment that could normalize crypto as a mainstream asset class[1].
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