Hashdex has updated its S-1 application for the Hashdex Nasdaq Crypto Index US ETF for the second time.
The revised filing, dated November 25, follows the SEC’s request for additional time to review the proposal in August. Hashdex originally submitted its S-1 registration on June 24.
The NCIUS ETF will focus exclusively on Bitcoin and Ether, omitting investments in other cryptocurrencies, tokenized assets, stablecoins, or crypto-related securities. However, the possibility of including additional assets may be considered in the future.
Other issuers have also filed for similar crypto index ETFs. In August, Franklin Templeton submitted its filing for the Franklin Crypto Index ETF, designed to track the CF Institutional Digital Asset Index. Like Hashdex’s proposal, it currently focuses on Bitcoin and Ether due to regulatory restrictions, with the potential for future expansion.
The U.S. Securities and Exchange Commission has postponed its decision on approving the Franklin Templeton Crypto Index ETF until January 6, 2025, citing a lack of public comments since the proposed rule change was published on October 8. This delay comes as crypto index funds gain traction in the industry following the success of Bitcoin and Ether spot ETFs. Major firms like Grayscale and Bitwise are exploring the launch of diversified crypto funds.
This development follows U.S. SEC Chair Gary Gensler hinting at a potential departure during a speech at the Annual Institute on Securities Regulation Event on November 14. Reflecting on his tenure, Gensler defended his enforcement record in the crypto space, noting that since 2021, under his leadership and former Chair Jay Clayton, the SEC initiated around 80 crypto-related enforcement actions. He emphasized that crypto cases have consistently represented 5%-7% of the SEC’s enforcement activities. He reiterated that he and Clayton agreed that Bitcoin is not a security, focusing instead on other digital assets.
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