U.S. SEC includes XRP, Solana in new Nasdaq order, signaling institutional entry for four cryptocurrencies

[DigitalToday reporter Jinju Hong] The U.S. Securities and Exchange Commission (SEC) approved a rule change by Nasdaq Texas and specified Solana (SOL) and XRP as “digital commodities” under exchange rules, following Bitcoin (BTC) and Ether (ETH). As the scope for managing cryptocurrency-related investment products also expands, expectations are rising that altcoins could gain a broader foothold in U.S. institutional markets.

On Sept. 4 (local time), blockchain media outlet U.Today reported that the SEC approved revisions to rules on Commodity-Based Trust Shares sought by Nasdaq Texas. The SEC order number is 34-106268.

The key change is the introduction of a new definition of “digital commodities” in Nasdaq Texas Rule 5711(d). The rules were also changed to allow actively managed cryptocurrency strategies and to permit assets that do not meet existing listing standards to be included up to 15 percent of a fund’s net asset value (NAV).

In the order, the SEC cited trusts including bitcoin, ether, solana and XRP as specific examples. By specifying the four assets as “digital commodities” that currently meet relevant eligibility requirements, the move is seen as laying the groundwork for XRP and solana to be treated alongside bitcoin and ether in the asset mix of cryptocurrency investment products.