SEC Approves Nasdaq Texas Listing Standard Rule Change Citing Major Cryptocurrencies

The US Securities and Exchange Commission approved a proposed rule change by Nasdaq Texas on September 3, updating Rule 5711(d) for Commodity-Based Trust Shares. The regulatory order, numbered 34-106268, follows a filing submitted on August 20 and governs generic listing requirements for trust products such as spot crypto exchange-traded funds on that specific exchange.

While online discussions interpreted the order as an official classification of the assets, the ruling does not declare Bitcoin, Ethereum, Solana, or XRP as commodities under federal statute. Instead, the four tokens were referenced in a worked example to demonstrate a 15% holdings buffer calculation within a hypothetical $95 million trust.

According to the order, all four digital assets already met the existing qualification criteria, which require an underlying futures contract on an Intermarket Surveillance Group market for at least six months and an ETF providing at least 40% economic exposure. The approval follows materially identical rule adjustments authorized for Nasdaq, NYSE Arca, and Cboe in July, alongside an earlier joint interpretation by the SEC and CFTC in March.