SEC Recognizes Bitcoin, Ethereum, XRP, Solana as Digital Commodities
The US Securities and Exchange Commission (SEC) has approved changes to the Nasdaq Texas rule that recognizes Bitcoin, Ethereum, XRP, and Solana as digital commodities. This move provides fund managers with more flexibility in creating investment products involving these assets.
The SEC's order allows for some active management techniques involving cryptocurrencies and introduces an official definition of 'digital commodity' in Nasdaq Texas rules. The changes also permit products that are eligible for listing to include assets that do not meet all the requirements at the point of listing, as long as they make up no more than 15% of a fund's net asset value.
The SEC provided an example of a multi-asset trust that includes Bitcoin, Ethereum, Solana, and XRP. The agency classified these four assets as digital commodities in its order, stating that they meet the current relevant criteria.