The SEC's approval of combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton marks a significant step forward in institutional access to cryptocurrencies. The Hashdex Nasdaq Crypto Index US ETF and the Franklin Templeton Crypto Index ETF both got regulatory clearance, expanding investment vehicles in the crypto space.
Franklin Templeton's ETF received faster approval due to compliance with commodity-based trust standards. Nasdaq and Cboe BZX facilitated listing rule changes, making these ETFs a reality. Art expert Chad Steingraber notes that Hashdex's ETF could eventually include more assets like XRP.
Hashdex had its proposal initially delayed twice by the SEC, but recent leadership changes in Washington might have accelerated the decision. ETF analyst Eric Balchunas forecasts a January launch, indicating Hashdex and Franklin Templeton's pioneering role.
This ETF approval comes amidst market turbulence, with significant liquidations occurring and Bitcoin plummeting over 8% in value. Analysts speculated about potential approvals of Litecoin ETFs next, but uncertainty surrounds assets like Solana and XRP.
The SEC may adopt a more crypto-friendly approach as Paul Atkins joins and Commissioner Caroline Crenshaw departs. This shift indicates changing views within the SEC towards crypto ETFs.
