The SEC accelerated approval of Nasdaq Texas Rule 5711(d) under Order 34-106268, defining digital commodity and citing Bitcoin, Ether, Solana, and XRP as meeting eligibility. Funds may hold up to 15% NAV in non-qualifying assets. This is an exchange listing standard, not new federal commodity law.
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Sep 7, 2026 · 2mo ago
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The U.S. Securities and Exchange Commission has given accelerated approval to a Nasdaq Texas rule change covering Commodity-Based Trust Shares that hold digital assets. That is the 5 September 2026 stamp.
The action is SEC Order No. 34-106268. It amends Nasdaq Texas Rule 5711(d).
What the order does
The revised framework adds an official definition of “digital commodity” in Nasdaq Texas rules and allows certain active-management techniques for crypto-linked Commodity-Based Trust Shares.
Eligible products may include assets that do not meet all requirements at listing, capped at no more than 15% of a fund’s net asset value.
In the order, the SEC used a multi-asset trust example that includes Bitcoin, Ethereum, Solana, and XRP. All four are cited as digital commodities that meet the current eligibility criteria, the regulator said.
Listing standard, not new commodity law
This is an exchange listing standard. It is not new federal commodity law, the wire stresses. A March SEC–CFTC interpretation had already classified Bitcoin, Ethereum, Solana, and XRP as crypto commodities, alongside a broader list that included Cardano, Avalanche, Dogecoin, Shiba Inu, and Chainlink.
The Nasdaq Texas change still matters for how asset managers structure multi-asset crypto trusts on that venue, including XRP exposure alongside Bitcoin, Ether, and Solana.
Soft backdrop: CLARITY
the wire ties the move to a clearer U.S. classification push with the CLARITY Act still in focus ahead of Senate consideration later in September. For the National Sheriffs’ Association’s shift to neutral on that bill, see NSA drops opposition to CLARITY.
Democrats are pushing a CLARITY Act provision directing regulators to set conflict-of-interest standards for vertically integrated crypto firms, citing FTX/Alameda-style structures, while Republicans warn the language could be weaponized by a future Democratic president. Sen. Cory Booker is negotiating wording with Sens. Lummis and Boozman ahead of next week’s cloture vote. Ethics language and bank opposition to stablecoin yield remain open.
Nasdaq is investing $100 million in Payward, the parent of crypto exchange Kraken, through its venture arm, valuing the company at $21 billion, according to Bloomberg via Wu Blockchain. The capital injection deepens a March strategic partnership aimed at tokenized-equities trading, settlement, and custody infrastructure.
Treasury Secretary Scott Bessent urged the Senate to advance the CLARITY Act, warning that walking away would forfeit enhanced crypto national-security tools and signal the U.S. is ceding digital-asset leadership. The Sept. 15 vote is cloture on the motion to proceed to H.R. 3633 — it needs 60 votes and is not final passage. The tone shifts from July’s market-structure urgency to a national-security frame.
