SEC approves Nasdaq Texas rule change naming four cryptocurrencies
The SEC issued order 34-106268 on September 3 to give accelerated approval to a Nasdaq Texas amendment to Rule 5711(d), the exchange's listing standard for commodity-based trust shares. The order cites Bitcoin, Ethereum, Solana and XRP only as a worked example and does not change their legal status. The amended rule lets a trust hold up to 15% of net asset value in assets that do not meet the existing eligible-commodity test and removes the previous passive-management requirement, enabling actively managed, multi-asset crypto trusts on Nasdaq Texas while the CLARITY Act remains pending.
Nasdaq Texas now allows 15% noneligible assets and active management.
Context
The SEC approved a Nasdaq Texas listing-rule amendment filed on August 20. Before the change, listed crypto trusts generally needed a fixed passive formula and nearly all holdings to meet an eligibility test. Next, funds on Nasdaq Texas…
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