SEC approves Nasdaq Texas rule change for digital commodity listings

The U.S. Securities and Exchange Commission (SEC) has granted accelerated approval to a rule change for Nasdaq Texas LLC regarding its listing standards for commodity-based trust shares. The amendment to Rule 5711(d) introduces a formal definition of a ‘digital commodity’ and provides greater flexibility for fund composition.

Under the new rules, a commodity-based trust share must maintain at least 85% of its net asset value in qualifying assets, but it is now permitted to hold up to 15% in assets that do not meet existing eligibility requirements, provided they are digital commodities or certain securities. Additionally, the rule removes the passive-management requirement, allowing actively managed crypto trust shares to be listed under the standard.

The SEC definition of a digital commodity describes it as a digital asset deriving value from the programmatic operation of a functional crypto system and supply and demand, rather than the managerial efforts of others. The order notes that assets such as Bitcoin, Ether, Solana, and XRP currently qualify as eligible commodities.