Hashdex NASDAQ Crypto Index Approved Under New SEC Standards - $SOL ETF Next?

The recent rule change to the SEC’s generic listing standards for ETFs is already making its presence felt on Wall Street.

Under the new ruling, Hashdex’s NASDAQ Crypto Index US ETF has been approved for expansion, allowing the fund to hold a diversified basket of assets, including altcoins like $SOL.

Experts are optimistic that the latest approval will be the first of many, as the floodgates open and the altcoin market finds a home on the financial world’s greatest stage.

Approved Crypto Index Includes $SOL 

On September 17, the SEC approved generic listing standards allowing national exchanges, like the NYSE, NASDAQ, and Cboe BZX, to list Commodity-Based Trust Shares that meet certain criteria, without needing to complete the extensive 19b-4 filing process.

Provided that the underlying assets of a prospective ETP trade on a market that is part of the Intermarket Surveillance Group (ISG), have traded in CFTC-regulated futures markets for 6 months, or make up 40% of an existing fund, national exchanges can essentially streamline ETP listings.

As of September 24, Hashdex’s NASDAQ Crypto US Index (NCIQ) has become the latest ETF to expand its AUM to include altcoins like $SOL, following last week’s Grayscale Coindesk Crypto 5 approval. According to Hashdex, $SOL currently constitutes 4.05% of the index’s AUM.

Seyffart Foresees 100+ ETFs

The Hashdex NCIQ approval serves as a remarkable proof-of-concept for the rapid proliferation of crypto-based ETFs. With a dramatically more streamlined approvals and listings process, analysts reasonably expect that TradFi markets will witness a flood of new funds in the months and years to come.

Speaking on the Wolf of All Streets podcast, Bloomberg ETF Analyst James Seyffart estimates we may see “well over 100 ETFs in the crypto space in the next 6-12 months”.

Adding more fuel to the fire, the CFTC has also announced a new initiative seeking to allow stablecoins and other tokenized assets to be used as collateral in derivatives markets.

If implemented, stablecoins like $USDT and $USDC would become an integral part of TradFi markets, boosting adoption and reinforcing the credibility of one of crypto’s central asset classes.

$SOL ETF Approval Process in Final Stages?

The approval of Hashdex’s Crypto Index is a promising sign for prospective $SOL ETF issuers. With the underlying asset already included in actively traded, NASDAQ-listed index funds, it would seem it’s only a matter of time before the eight outstanding filings are approved and $SOL ETFs begin trading on Wall Street in earnest.

As it stands, approvals and consequent listings are entering the home straight. While little will be announced in the lead-up to $SOL ETF listings, CT’s chronic TL refreshers can look forward to analysts hearing rumors of “back and forth” between issuers and the SEC, which could ultimately precede listings.

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