SEC's Rule Shift Catalyzes Crypto ETF Surge, XRP, Solana Now Mainstream

The U.S. Securities and Exchange Commission (SEC) has approved the expansion of Hashdex’s Nasdaq Crypto Index US ETF (NCIQ) to include XRP, Solana (SOL), and Stellar (XLM), marking a significant shift in the regulatory landscape for crypto exchange-traded funds. The move follows the SEC’s adoption of generic listing standards in September 2025, which streamline the approval process for eligible crypto ETFs by eliminating the need for case-by-case reviews. The updated rules require cryptocurrencies to meet criteria such as trading on regulated exchanges, having active CFTC-regulated futures contracts, or being held by existing ETFs with 40% direct exposureSEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, …^[1]. Hashdex’s ETF, now holding five cryptocurrencies—Bitcoin (BTC), Ether (ETH), XRP, SOL, and XLM—reflects a broader diversification of institutional crypto exposureHashdex Crypto Index ETF Now Includes Altcoin Exposure^[2].

The revised SEC framework has accelerated the approval timeline for crypto ETFs from an average of 270 days to as little as 75 daysSEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, …^[1]. This has triggered a surge in filings from asset managers, with over a dozen products currently under review and a projected wave of launches in Q4 2025Hashdex Expands US Crypto ETF To Add XRP, Solana And Stellar …^[3]. Steven McClurg of Canary Capital Group noted the industry’s rapid mobilization, while Jonathan Groth of DGIM Law described the period as a “boom time” for crypto ETFs. Grayscale Investments exemplified this momentum by converting its private fund into a public ETF, the Grayscale CoinDesk Crypto 5 ETF (GDLC.P), within 48 hours of the SEC’s announcementSEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, …^[1].

Hashdex’s expansion aligns with broader regulatory shifts under SEC Chair Paul Atkins, who has advocated for a streamlined approval process and a regulatory sandbox to foster innovation. The new rules classify most cryptocurrencies as commodities, reducing enforcement risks for issuers and aligning with the Trump administration’s policy goals of easing crypto regulationHashdex Crypto Index ETF Now Includes Altcoin Exposure^[2]. Samir Kerbage, CIO of Hashdex, emphasized the ETF’s adaptability, stating that NCIQ will continue to expand as new assets meet compliance thresholdsHashdex Expands US Crypto ETF To Add XRP, Solana And Stellar …^[3]. The ETF’s current allocation includes BTC at 72.5%, ETH at 14.8%, XRP at 6.9%, SOL at 4.3%, and Cardano (ADA) at 1.2%Crypto ETF Update: Hashdex Index ETF Approved by SEC to …^[4].

Market analysts caution that while regulatory clarity has lowered barriers, success hinges on investor adoption. Kyle DaCruz of VanEck highlighted the challenge of educating investors on lesser-known tokens like XRP and SOL, which lack the years of trust-building seen with BTCSEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, …^[1]. The influx of multi-asset ETFs could deepen correlations between crypto and traditional markets but may also introduce volatility risks if inflows dry up. Historical data shows that Bitcoin’s price peaks coincided with ETF outflows, a pattern yet to emerge for Ethereum.

The SEC’s approval has also spurred competition among asset managers. Amplify ETFs recently filed for a SOL and XRP Monthly Income ETF, while Bitwise’s Teddy Fusaro noted that most filings are nearing market readinessSEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, …^[1]. Analysts anticipate the first SOL and XRP ETFs to launch in early October, with over 40 products expected to follow under the new frameworkHashdex Expands US Crypto ETF To Add XRP, Solana And Stellar …^[3]. The industry’s shift from a fragmented regulatory environment to a standardized model underscores the SEC’s role in shaping crypto’s institutional integration.