The SEC Cleared XRP, Bitcoin, Ethereum and Solana for Nasdaq Texas Commodity Trusts. What It Does and Does Not Do.

Social media erupted over an SEC order that appeared to declare XRP, Bitcoin, Ethereum and Solana official commodities under federal law. The reality is far more limited, and far more interesting, than the headlines suggest.

The SEC approved a rule change on September 3 that names Bitcoin(CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL) and XRP (CRYPTO:XRP) inside a new Nasdaq Texas listing standard, and social media treated it as a formal declaration that all four are commodities under federal law. 

The order simply changes the listing rules for a single exchange, and the four coins appear only as an example inside a worked calculation showing how a new 15% holdings buffer works. The change still matters for how funds get built going forward, so here is what the order actually does, and what it does not.

What Did the SEC Actually Approve for XRP, Bitcoin, Ethereum and Solana?

The SEC’s order, numbered 34-106268 and dated September 3, gives accelerated approval to a proposal Nasdaq Texas filed on August 20. The proposal amends Rule 5711(d), the exchange’s generic listing standards for Commodity-Based Trust Shares, the category that covers crypto trust products such as spot ETFs.