The SEC's Nasdaq Texas Order Explained: Bitcoin, Ether, Solana and XRP Named as Digital Commodities and a New 15% Rule for Crypto ETFs
SEC Order 34-106268 approved Nasdaq Texas listing rules that define digital commodities, let commodity trusts hold up to 15% of assets in non-qualifying tokens and drop the requirement that such trusts be passively managed. Bitcoin, Ether, Solana and XRP appear in the order's worked example. What the order does, what the headlines overstate, and why XRP and SOL holders cheered.
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A technical approval order from the US Securities and Exchange Commission became a crypto headline this week because of four names inside it. SEC Order 34-106268 approved new listing rules for Nasdaq Texas, and its worked example treats Bitcoin, Ether, Solana and XRP as digital commodities. XRP and Solana holders, long frustrated by regulatory ambiguity, read that as vindication. The truth is narrower and still useful.
What the order approves
Nasdaq Texas asked the SEC to approve changes to its listing rules for commodity-based trust shares, the structure used by spot crypto ETFs. The SEC agreed. Three changes matter:
- A formal definition of digital commodities is added to the exchange's listing standards, with criteria a token must meet.
- Trusts that qualify may hold up to 15 percent of net asset value in assets that do not meet the criteria, a buffer that allows multi-asset products.
- Amended Rule 5711(d) removes the strict passive-management requirement, so actively managed crypto trusts can now qualify for listing.
Where Bitcoin, Ether, Solana and XRP come in
The order includes an arithmetic example showing how the 15 percent buffer is calculated for a multi-asset trust. In that example, Bitcoin, Ether, Solana and XRP are the assets treated as meeting the digital commodity criteria. That is meaningful: the SEC signed off on a rule whose example assumes those four qualify. It is not a federal declaration that XRP or SOL are commodities for all legal purposes, and it does not bind courts or other agencies.
Why it matters anyway
- Multi-asset crypto ETFs become easier to list, since the buffer tolerates smaller allocations to tokens outside the core list.
- Active management means funds can rebalance, hedge or rotate rather than simply track an index.
- For XRP and Solana, inclusion in the example reduces the risk that an exchange would refuse to list a product holding them.
The market context
The order landed in a week when spot Solana and XRP ETFs saw inflows collapse by more than 90 percent from the previous week, according to flow trackers, after a strong September. Supportive rules and cooling demand can coexist; one is about structure, the other about sentiment.
Frequently asked questions
Did the SEC declare XRP a commodity?
No. The order approves exchange listing rules whose example treats XRP as meeting a digital commodity definition. It is not a federal legal classification.
What is the 15 percent rule?
Qualifying commodity trusts on Nasdaq Texas may hold up to 15 percent of net asset value in assets that do not meet the qualifying criteria.
What changed about active management?
The passive-management requirement was removed, so actively managed crypto trust shares can be listed.
Which tokens are named in the order?
Bitcoin, Ether, Solana and XRP, in the worked example.
Does this affect Indian investors?
Only indirectly, through access to US-listed ETFs via international brokerages and through its influence on how other regulators think about tokens.
