SEC Approves Nasdaq Texas Rule Change with Digital Commodity Definition
The US Securities and Exchange Commission (SEC) has approved a rule change by Nasdaq Texas that adds a formal definition of digital commodity to its listing standards for crypto exchange-traded products. The approval, dated September 3, 2026, grants accelerated approval to a filing from Nasdaq Texas LLC that amends Rule 5711(d), governing Commodity-Based Trust Shares.
The rule change makes three key 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 removes the passive-management requirement, allowing actively managed crypto trust shares to list under the standard.
The digital commodity is defined as 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. This definition is informed by the joint SEC-CFTC interpretive guidance that took effect on March 23, 2026.
The approval arrives as crypto issuers continue to expand Nasdaq-listed products. Bitcoin, Ether, Solana, and XRP are cited as assets that already qualify as eligible commodities, and the 15% buffer is consistent with thresholds approved for diversified digital commodity ETPs such as the Grayscale Digital Large Cap Fund.