SEC Approves Nasdaq Texas Rule Adding a 15% Buffer and “Digital Commodity” Definition to Crypto ETP Listing Standards
Key Takeaways
- 01By order dated 3 September 2026 and published in the Federal Register on 9 September 2026, the SEC approved Nasdaq Texas amendments to Rule 5711(d).
- 02Up to 15% of a Commodity-Based Trust Share’s NAV may consist of digital commodities or securities that do not meet the generic eligibility criteria.
- 03The rule adds a “digital commodity” definition informed by the joint SEC–CFTC interpretive guidance and permits actively managed trusts.
- 04The order’s examples treat Bitcoin, Ether, Solana and XRP as currently eligible commodities; NFTs and collectibles are excluded from the buffer.
- 05The change applies to Nasdaq Texas generic listings; other listing and disclosure requirements still apply.
The U.S. Securities and Exchange Commission (SEC) granted accelerated approval, by order dated 3 September 2026 (Release No. 34-106268), to a Nasdaq Texas rule change amending Rule 5711(d), the exchange’s generic listing standards for Commodity-Based Trust Shares. The order was published in the Federal Register on 9 September 2026.
The change lets up to 15% of a trust’s net asset value consist of digital commodities or securities that do not meet the generic eligibility criteria. It adds a definition of “digital commodity”, informed by the joint SEC–CFTC interpretive guidance effective 23 March 2026, covering digital assets whose value derives from the programmatic operation of a crypto system and from supply and demand rather than from the managerial efforts of others. It also allows actively managed Commodity-Based Trust Shares.
The order’s examples describe Bitcoin, Ether, Solana and XRP as presently qualifying eligible commodities because each underlies a futures contract that has traded on an ISG market for at least six months. Non-fungible assets and collectibles fall outside the 15% buffer.
The change applies only to products listed on Nasdaq Texas under the generic standards. Issuers can use the buffer to add smaller digital commodities to multi-asset products without a separate rule filing, but each product must still meet the remaining listing and disclosure requirements.