主要洞察：
- US SEC approval puts 加密货币新闻 成为焦点，因为 BTC, ETH, SOL and XRP gain commodity recognition.
- Listed crypto trusts may hold up to 15% of NAV in non-qualifying assets.
- Nasdaq Texas rules now permit actively managed commodity-based crypto trusts.
The spotlight returned to cryptocurrency updates after the U.S. Securities and Exchange Commission (SEC) greenlit a rule revision proposed by Nasdaq Texas. Through this order, a formal digital commodity classification was introduced to the listing requirements for commodity-backed trust shares.
Assets such as 比特币, ETH 作为其原生资产。">以太坊, Solana, and XRP appear to fulfill the necessary criteria outlined in the SEC’s directive. Additionally, this authorization grants eligible crypto investment vehicles increased flexibility regarding portfolio design and oversight.
The regulatory action was finalized via US SEC Order No. 34-106268, which provided accelerated clearance for Nasdaq Texas, LLC. The 交易所 updated Rule 5711(d), which regulates commodity-based trust shares traded on Nasdaq Texas.
This regulatory update does not enact a fresh federal commodity statute or institute a broad statutory classification system. Instead, it alters the methods by which the 交易所 can organize and list specific cryptocurrency-oriented investment funds.
US SEC Adds Digital Commodity Definition to Texas Rules
Nasdaq Texas has incorporated an official description of a “digital commodity” directly into its operational listing guidelines. This interpretation emphasizes operational functionality, supply, and demand dynamics rather than anticipated profits from management. 比特币, ETH 作为其原生资产。">以太坊, Solana, and XRP successfully meet these prerequisites within the SEC’s multi-asset trust framework.
Discussions surrounding the regulatory order also highlight a newly introduced portfolio cushion for commodity-based trust shares. Funds are permitted to maintain up to 15% of their net asset value in holdings that do not entirely meet standard qualifications.
At least 85% of the portfolio must stay allocated to core holdings that satisfy the applicable listing guidelines. This allowance can encompass alternative digital commodities or other instruments outside the primary qualifying assets.
Furthermore, the US SEC directive eliminates the rigid passive-management mandate previously enforced on these financial products. Consequently, actively managed commodity-based trust shares may now be eligible for trading under the updated 交易所 policies.
While broadening the allowed administrative strategies, the policy leaves the federal legal standing of individual cryptocurrency tokens unaltered. It also places caps on the amount of non-qualifying exposure a publicly traded fund can maintain.
Crypto News Framework Follows Earlier SEC-CFTC Guidance
The Nasdaq Texas adjustment builds upon shared SEC-CFTC interpretive direction that came into force earlier in 2026. That previous instruction similarly categorized 比特币, ETH 作为其原生资产。">以太坊, Solana, and XRP as crypto commodities.
The guidance also encompassed Cardano, Avalanche, Dogecoin, Shiba Inu, and Chainlink among various alternative digital assets. Nevertheless, the Texas directive specifically spotlights 比特币, Ether, Solana, and XRP inside its multi-asset trust framework.
This clearance likewise parallels a comparable guideline modification implemented for the primary Nasdaq Stock Market in July 2026. Those measures introduce analogous commodity-based trust structures across both Nasdaq marketplace platforms.
Ultimately, the approval pertains strictly to exchange regulations rather than legislation establishing a nationwide digital asset categorization system. The most recent order targets exchange listing requirements and products instead of a new federal commodities law.
SEC Decision Comes Before CLARITY Act Review
The US SEC intervention arrives ahead of an anticipated Senate evaluation of the CLARITY 法案 scheduled for September 15. That proposed legislation outlines a more expansive 监管框架 for the digital asset sector.
The Nasdaq Texas determination functions independently of that legislative timeline, remaining confined solely to exchange listing requirements. Its immediate impact dictates how particular commodity-based trust shares can qualify for public trading on Nasdaq Texas.
常见问题解答
What did the US SEC approve for Nasdaq Texas?
The US SEC approved a Nasdaq Texas rule change (Order No. 34-106268) that adds a formal definition of digital commodities to listing standards for commodity-based trust shares.
Which cryptocurrencies are recognized as digital commodities under the order?
Bitcoin, Ether, Solana, and XRP satisfy the required criteria in the SEC’s multi-asset trust example.
Can crypto trusts hold non-qualifying assets under the new rules?
Yes, listed crypto trusts are permitted to hold up to 15% of their net asset value (NAV) in non-qualifying assets, provided at least 85% remains in core qualifying assets.
Are actively managed trusts allowed now?
Yes, the order removes the strict passive-management requirement, allowing actively managed commodity-based trust shares to qualify for listing.
