SEC Greenlights Nasdaq Texas Rule Change for Crypto ETPs
The U.S. Securities and Exchange Commission (SEC) has approved 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, 2026, grants accelerated approval to a filing from Nasdaq Texas LLC that amends Rule 5711(d), which governs Commodity-Based Trust Shares. The rule change 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, as long as those assets are digital commodities or certain securities.
The new definition of digital commodity states that it is 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.