SEC Approves Nasdaq Texas Rule Adding Digital Commodity Definition to Crypto ETPs

The U.S. Securities and Exchange Commission 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, according to a commission order dated 3 September 2026. The order grants accelerated approval to a filing from Nasdaq Texas LLC that amends Rule 5711(d), which governs Commodity-Based Trust Shares.

What the Rule Change Does

Filed on 20 August 2026, the amendment makes three changes to the generic listing standards. It 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, so long as those assets are digital commodities or certain securities. It adds the digital commodity definition to the rulebook, and it removes the passive-management requirement so that actively managed crypto trust shares can also list under the standard. At least 85% of a fund’s net asset value must still consist of assets that already qualify.

How Digital Commodity Is Defined

Under the new rule, a digital commodity 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. Nasdaq Texas said the definition is informed by the joint SEC-CFTC interpretive guidance that took effect on 23 March 2026, and that it would file to conform the term if Congress enacts a statutory definition.