The U.S. Securities and Exchange Commission has approved a Nasdaq Texas rule change that adds a formal definition of digital commodity to the exchange’s listing standards for crypto exchange-traded products, according to a commission order dated 3 September 2026. The order grants accelerated approval to a filing from Nasdaq Texas LLC that amends Rule 5711(d), which governs Commodity-Based Trust Shares.
What the Rule Change Does
Filed on 20 August 2026, the amendment makes three changes to the generic listing standards. It allows a commodity-based trust share to hold up to 15% of its net asset value in assets that do not meet the existing eligibility requirements, so long as those assets are digital commodities or certain securities. It adds the digital commodity definition to the rulebook, and it removes the passive-management requirement so that actively managed crypto trust shares can also list under the standard. At least 85% of a fund’s net asset value must still consist of assets that already qualify.
How Digital Commodity Is Defined
Under the new rule, a digital commodity is a digital asset that derives its value from the programmatic operation of a functional crypto system and from supply and demand, rather than from the expectation of profits from the managerial efforts of others. Nasdaq Texas said the definition is informed by the joint SEC-CFTC interpretive guidance that took effect on 23 March 2026, and that it would file to conform the term if Congress enacts a statutory definition.
More Crypto Products, More Competition
The order cites Bitcoin, Ether, Solana and XRP as assets that already qualify as eligible commodities, and notes the 15% buffer is consistent with thresholds the SEC approved for diversified digital commodity ETPs such as the Grayscale Digital Large Cap Fund. Nasdaq Texas said the changes would give investors a transparent, regulated vehicle for commodity and digital-commodity exposure. The approval arrives as crypto issuers keep expanding Nasdaq-listed products: Evernorth’s XRP treasury recently cleared an SEC hurdle on its path to a Nasdaq listing, while Grayscale debuted the first U.S. Zcash ETF on NYSE Arca in August. The proposal is materially identical to a rule the SEC already approved for The Nasdaq Stock Market in July, extending the framework across Nasdaq venues.
