SEC Approves Nasdaq Texas Rule Change Listing Bitcoin, Ethereum, XRP and Solana as Digital Commodities

The Securities and Exchange Commission issued Order No. 34-106268 granting accelerated approval to Nasdaq Texas, LLC to amend Rule 5711(d). The rule governs commodity-based trust shares traded on the exchange. The amendment introduces an official definition of “digital commodity” within the exchange’s listing framework and permits greater flexibility in how such products are structured and managed.

Under the revised rules, fund managers may apply more active management techniques. Eligible products can include assets that do not meet every listing requirement at the moment of listing, provided those assets account for no more than 15 percent of the fund’s net asset value. The SEC cited a multi-asset trust holding Bitcoin, Ethereum, Solana and XRP as an illustrative example. The agency stated that all four assets currently satisfy the criteria to be treated as digital commodities under the updated rule.

Scope of the Regulatory Change

The approval applies solely to the listing structure on Nasdaq Texas and does not constitute a new federal commodity statute. It builds on earlier regulatory steps. In March, the SEC and the Commodity Futures Trading Commission jointly classified Bitcoin, Ethereum, Solana and XRP as crypto commodities. That interpretation also covered Cardano, Avalanche, Dogecoin, Shiba Inu and Chainlink.

The latest order gives asset managers additional room to construct multi-asset crypto trusts and related products that trade on the exchange. It creates a clearer pathway for regulated vehicles that offer exposure to these four digital assets within a commodity-based framework.

Connection to Broader Legislative Efforts

The rule change arrives as the Senate prepares to consider the CLARITY Act later in September. That legislation seeks to establish more comprehensive rules for digital assets. Industry figures have publicly supported progress on the measure. Ripple Chief Executive Brad Garlinghouse stated:

The National Sheriffs’ Association recently withdrew objections related to certain decentralized finance elements, adopting a neutral stance. The House of Representatives has signaled potential delays after adjusting its September legislative calendar.

Market Context Around the Announcement

The order was issued amid mixed market conditions. A stronger-than-expected August employment report lifted Treasury yields and contributed to pressure on digital asset prices. Traders were also monitoring upcoming consumer price data and the Federal Reserve’s September policy meeting. Spot Bitcoin exchange-traded funds recorded notable daily inflows, with one major fund accounting for a substantial portion of the activity. Ethereum funds also posted net inflows during the same period.

Liquidation data showed elevated forced closures across major assets in the 24 hours surrounding the announcement. Long positions accounted for a larger share of the total than short positions in several reports. Separate data indicated significant short liquidations in the broader market on the preceding day, coinciding with a rise in total cryptocurrency market capitalization.

XRP exchange-traded products continued a multi-session inflow streak, while other institutional flows included large on-chain transfers of Ethereum and related tokens. The 15 percent net-asset-value buffer under the new Nasdaq Texas rule was also cited in connection with allocations to additional assets in multi-asset vehicles.

Implications for Product Development

Asset managers gain a more defined structure for listing commodity-based trusts that include Bitcoin, Ethereum, Solana and XRP. The ability to hold a limited portion of non-qualifying assets at launch provides operational flexibility while maintaining the overall commodity designation for the core holdings. Prior regulatory actions, including shortened review timelines for certain crypto exchange-traded products and the clearance of multi-asset funds, form part of the same gradual clarification of digital asset treatment.

The Nasdaq Texas amendment does not alter the legal status of these assets under federal securities or commodities law. It does, however, establish an explicit definition and operational parameters inside one exchange’s rulebook that product sponsors can use when designing and listing new trusts.