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- The filing from WisdomTree comes after the SEC’s approval of generic listing standards for crypto funds, allowing exchanges to list products directly without the lengthy 19b-4 process.
- The move follows recent launches of REX-Osprey’s XRP and Dogecoin ETFs and signals growing institutional adoption.
Crypto asset manager WisdomTree registered for a crypto index fund in Delaware on Monday, September 22, that tracks the top 20 cryptocurrencies, including XRP, Solana, and Cardano. The filing follows the U.S. Securities and Exchange Commission’s (SEC) recent approval of generic listing standards for crypto funds, which could streamline regulatory approval within 75 days.
The latest filing comes after the SEC approved the Grayscale Large Cap crypto fund last week, as mentioned in our previous story.
WisdomTree Registers CoinDesk 20 Fund in Delaware
As per the September 22 filings, WisdomTree has officially registered its CoinDesk 20 Fund in Delaware, with the state’s Division of Corporations. The fund aims to give conservative investors exposure to 20 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), Sui, and Hedera Hashgraph (HBAR).
The move signals growing integration of digital assets into mainstream finance and could be followed by an S-1 filing with the U.S. Securities and Exchange Commission (SEC). Under the SEC’s newly approved generic listing standards, stock exchanges can now directly file to list and trade crypto funds.
As a result, they can bypass the 19b-4 process and potentially secure approval within 75 days. Bloomberg ETF analyst Eric Balchunas noted that the rule change is likely to accelerate new crypto ETF and ETP filings. Despite the progress, the SEC has yet to approve any ETF tracking spot altcoin prices under the Securities Act of 1933.
Some issuers, including REX-Osprey and Tuttle, have instead filed products under the Investment Company Act of 1940. Notably, REX-Osprey’s XRP and Dogecoin ETFs launched last week to strong investor demand.
This filing comes at a time when the crypto market has been facing some volatility this week. Monday started with a very sharp correction, which saw Bitcoin and altcoins crashing by a good amount. However, the market is showing signs of stabilization today.
SEC Takes Measures to Fasten Crypto Funds
The U.S. Securities and Exchange Commission (SEC) has introduced a proposed framework that would allow exchanges to list exchange-traded products (ETPs) backed by spot commodities, including cryptocurrencies, without requiring individual agency approval.
The change removes the need for the lengthy and costly 19b-4 rule filing process, which previously took up to 240 days, as mentioned in our previous report. Instead, major exchanges such as Nasdaq, NYSE, and Cboe will be able to list these products directly, provided issuers meet the established generic listing standards.
