Nasdaq proposes a new rule to enable the listing and trading of digital asset-based investment interests, including crypto ETFs, on its exchange.

Nasdaq has filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to create a new Nasdaq Rule 5712 that would allow the listing and trading of commodity- and digital asset-based investment interests, including crypto-focused exchange-traded products such as ETFs. The proposal, initially submitted on February 18, 2025 and fully replaced by Amendment No. 1 on February 27, 2025, is currently under SEC review, with the agency publishing a notice on March 3, 2025 and soliciting public comment. Under the filing, Nasdaq is also seeking specific approval to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF under this new rule. Rule 5712 is designed as a generic listing framework for products whose underlying holdings are digital assets, commodities, derivatives, and cash, issued through vehicles such as trusts or LLCs. To address market integrity and investor protection concerns, the rule would require that at least 90% of a fund’s holdings be in assets subject to surveillance through either the Intermarket Surveillance Group (ISG) or a Comprehensive Surveillance Sharing Agreement (CSSA), impose minimum size and liquidity thresholds (including at least 50,000 securities outstanding and $1 million market value), and mandate that underlying asset values be updated every 15 seconds. Nasdaq would also retain authority to suspend trading or delist products that fail to meet ongoing requirements. This rulemaking is part of a broader push by Nasdaq to integrate digital assets into the regulated securities framework, building on earlier SEC approvals such as the December 2024 authorization of the Hashdex Nasdaq Crypto Index US ETF under an existing ETF rule (Nasdaq Rule 5711(d)). If approved, Rule 5712 would give issuers a clearer path to list diversified crypto and commodity products on a major U.S. exchange and could expand institutional access to digital asset exposure within the existing market structure and surveillance regime.

✨ AI-generated background, compiled from web sources — not editorial content.

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