Nasdaq proposes new rule to allow trading and listing of digital asset-based investment interests
Quick Take
- The proposal suggests the stock exchange adds a new rule, called Nasdaq Rule 5712, to permit the listing and trading of digital asset-based investment interests, denoted as securities issued by an entity holding digital assets, as well as commodity-based investment interests derived from cash, derivative securities products or other sources.
- The proposal would also shift the listing and trading of the Hashdex Nasdaq Crypto Index US ETF, currently listed under a different rule, to Nasdaq Rule 5712.
The exchange Nasdaq has proposed rule changes regarding digital asset-based investment interests, according to a Tuesday 19b-4 filing
The proposal recommends the exchange adds a new rule, called Nasdaq Rule 5712, to permit the listing and trading of digital asset-based investment interests. These interests include securities issued by entities holding digital assets, as well as commodity-based investment interests derived from cash, derivative securities products, or other sources. The proposal would also shift the listing and trading of the Hashdex Nasdaq Crypto Index US ETF, currently listed under a different rule, to Nasdaq Rule 5712.
"...This proposal aims to amend representations regarding the investment objective and strategy of the [Hashdex Nasdaq Crypto Index US ETF] made in the rule change previously filed with and approved by the Securities and Exchange Commission relating to the Trust," the filing said.
The Hashdex Nasdaq Crypto Index US ETF is an exchange-traded product under the crypto management investment firm Hashdex. The fund holds bitcoin and ether, as noted in its July 2024 registration statement, but it allowed the possibility to hold other digital assets depending on the United States' crypto regulatory framework, The Block previously reported.
Nasdaq's rule change comes as the Securities and Exchange Commission plans to lay out clearer guidelines for crypto regulation under acting SEC Chair Mark Uyeda, along with the agency's newly formed crypto task force under Commissioner Hester Peirce clarifying which digital assets are securities.
Also in January, Nasdaq suggested rule changes for BlackRock's iShares Bitcoin Trust to permit in-kind redemptions.
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