SEC’s Streamlined Rules Spur Diversified Crypto ETF Boom

The U.S. Securities and Exchange Commission (SEC) has granted approval for Hashdex’s Nasdaq Crypto Index ETF to include XRP, Solana (SOL), and Cardano (ADA) alongside Bitcoin (BTC) and Ethereum (ETH), marking a significant expansion of the fund’s holdings under the agency’s updated generic listing standards. The ETF, trading under the ticker NCIQ, now allocates 72.5% to Bitcoin, 14.8% to Ethereum, 6.9% to XRP, 4.3% to Solana, and 1.2% to CardanoHashdex Wins SEC Approval for BTC, ETH, XRP, SOL ETF^[1]. This approval follows the SEC’s adoption of streamlined rules in September 2025, which reduce the review period for qualified crypto ETFs from up to 270 days to approximately 75 daysCrypto ETF Update: Hashdex Index ETF Approved by SEC to Include XRP and SOL^[2]. The revised framework enables crypto ETFs to bypass lengthy case-by-case evaluations if they meet criteria such as listing on regulated exchanges or holding assets with existing regulatory claritySEC approves Hashdex Nasdaq ETF to hold BTC, ETH, XRP, SOL, and XLM^[3].

The inclusion of XRP and Solana in the ETF is expected to drive institutional adoption for these altcoins. XRP, which has faced prolonged regulatory scrutiny, now accounts for 6.9% of the index, reflecting its legal clarity post-SEC approval. Similarly, Solana’s 4.3% allocation underscores its growing prominence in decentralized finance (DeFi) and blockchain infrastructure. Cardano’s 1.2% weight highlights its role in the broader crypto ecosystem, despite its smaller market capitalization compared to Bitcoin and EthereumHashdex Wins SEC Approval for BTC, ETH, XRP, SOL ETF^[1]. Analysts note that the expanded portfolio positions the ETF as a diversified gateway for traditional investors seeking exposure to a broader range of digital assetsSEC Gives Greenlight to Hashdex Crypto Index ETF^[4].

The SEC’s new rules have accelerated the approval process for crypto ETFs, with asset managers rapidly filing applications to capitalize on the streamlined framework. Steven McClurg, founder of Canary Capital Group, stated that approximately a dozen filings are already under review, with more expected to followHashdex Wins SEC Approval for BTC, ETH, XRP, SOL ETF^[1]. The regulatory shift aligns with a broader industry trend, as firms like Grayscale and Amplify ETFs have recently secured approvals for their own crypto products. Grayscale’s Ethereum ETF (GDLC), for instance, was approved days before Hashdex’s expansion, signaling a shift in the SEC’s approach toward diversified crypto offeringsSEC Gives Greenlight to Hashdex Crypto Index ETF^[4].

The approval of Hashdex’s ETF also reflects growing confidence in the institutional-grade nature of crypto assets. The fund is structured as an “emerging growth company” under Delaware law, streamlining compliance with Nasdaq’s listing requirementsHashdex Wins SEC Approval for BTC, ETH, XRP, SOL ETF^[1]. This classification reduces reporting burdens, allowing the ETF to focus on operational efficiency while maintaining regulatory compliance. The fund’s structure is expected to attract a wider range of investors, including those previously hesitant to engage with the crypto market due to volatility or regulatory uncertaintySEC Gives Greenlight to Hashdex Crypto Index ETF^[4].

Industry experts anticipate a surge in crypto ETF launches in the coming months. Bloomberg analyst James Seyffart predicted that 100 or more crypto ETFs could enter the market within six to twelve months, driven by the SEC’s faster approval timelinesSEC Gives Greenlight to Hashdex Crypto Index ETF^[4]. The October 2025 period is particularly notable, as asset managers prepare to file products tied to Solana, XRP, and other altcoins. This acceleration is supported by the SEC’s recent clarification that leveraged and margined spot crypto products are permissible on registered U.S. trading platformsCrypto ETF Update: Hashdex Index ETF Approved by SEC to Include XRP and SOL^[2].

The regulatory environment for crypto ETFs remains dynamic, with the SEC and CFTC jointly affirming that spot crypto products can now be listed without prohibitive barriers. This development aligns with global trends, as Europe’s Markets in Crypto-Assets (MiCA) framework also seeks to harmonize rules across the EU. However, the U.S. approach, characterized by its enforcement-driven model, continues to diverge from the EU’s legislative clarityThe Future of Crypto Regulation: SEC, MiCA, and Global Trends^[5]. Despite these differences, the SEC’s updated rules signal a shift toward greater regulatory certainty, which is expected to foster innovation while safeguarding investor interestsComparative Study of EU vs US Crypto Regulation 2025^[6].