SEC Approves Nasdaq Rule Change Allowing Up to 15% Digital Commodity Exposure

The US Securities and Exchange Commission has given its approval to a Nasdaq Texas rule change that adds a formal definition of digital commodity to the exchange's listing standards for crypto exchange-traded products.

The order, dated September 3, grants accelerated approval to a filing from Nasdaq Texas LLC that amends Rule 5711(d), which governs Commodity-Based Trust Shares. 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.