SEC Greenlights Nasdaq Texas Rule Change for Crypto Commodity Trusts

The Securities and Exchange Commission (SEC) has approved a Nasdaq Texas rule change that allows commodity trusts to hold up to 15% of their net asset value in non-qualifying assets. This move is part of a series of regulatory changes reshaping how crypto-linked investment products can be structured and listed on U.S. exchanges.

The amended Rule 5711(d) introduces a formal definition of 'digital commodity' into Nasdaq Texas listing standards, focusing on functional operation, supply, and demand dynamics rather than managerial efforts. Bitcoin, Ether, Solana, and XRP are identified as digital commodities that satisfy the relevant criteria.

The rule change also delivers three practical adjustments for qualifying commodity trusts: a portfolio buffer permitting up to 15% of net asset value in non-qualifying assets, a requirement that at least 85% of assets remain invested in core holdings meeting the standards, and removal of the strict passive-management requirement.