The Nasdaq Stock Market LLC submitted a 131-page Form 19b-4 to regulators on Feb. 18, 2025, outlining plans to adopt Rule 5712 for listing “Commodity- and Digital Asset-Based Investment Interests.” The proposal specifically targets the Hashdex Nasdaq Crypto Index US ETF (NCIQ), which would hold bitcoin (BTC), ethereum (ETH), and possibly other digital assets under a passive management strategy.

Under the new rule, at least 90% of the fund’s holdings must derive from assets traded on platforms sharing surveillance data via the Intermarket Surveillance Group or through formal agreements. This mirrors standards applied to commodity-based ETFs, requiring issuers to maintain transparency with regulators about portfolio composition and trading activity. Nasdaq emphasized the structure’s novel means to prevent fraud and manipulation through diversified exposure across multiple cryptocurrencies.

The filing references the SEC’s Jan. 2024 and May 2024 approvals of BTC and ETH ETFs, noting Coinbase Derivatives’ oversight of futures contracts for three additional fund components—chainlink (LINK), litecoin (LTC) and avalanche (AVAX). Nasdaq asserts its collaboration with regulated derivatives markets provides sufficient monitoring capabilities, arguing that manipulating prices across nine assets would prove “significantly more complex” than targeting single cryptocurrencies.

Custody protocols require assets to be held by vetted institutions like Bitgo and Coinbase, with creation/redemption processes exclusively using cash transactions. The fund’s net asset value would update every 15 seconds using Nasdaq’s proprietary index methodology, which applies algorithmic penalties to outlier pricing data from six pre-approved trading platforms.

With the Trump administration vowing to end Biden’s war against crypto, expectations are high for comprehensive regulation to promote market integrity. Nasdaq’s ETF proposal reflects this newfound regulatory landscape, as several industry stakeholders aim to ensure transparency and investor protection with new funds. The administration’s “commitment to making America the crypto capital” signals a new era for digital assets, paving the way for responsible industry growth.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。