SEC Approves Rule Change for Nasdaq Texas Listing Standard
The SEC approved a rule change on September 3 that names Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and XRP as examples of eligible commodities in a new Nasdaq Texas listing standard.
This move has been misinterpreted by some as a formal declaration that these four coins are commodities under federal law, but the order does not create a new law or change their legal status.
The rule change amends Rule 5711(d) to allow commodity-based trusts on Nasdaq Texas to hold up to 15% of their net asset value in assets that don't meet the eligible-commodity test. This means fund managers can now add smaller tokens or hold cash and other instruments without meeting the traditional requirements.
The change also removes the passive-management requirement, allowing actively managed strategies instead of fixed formulas.