SEC Approves Nasdaq Texas Rule Change for Crypto Holdings in Trusts
The SEC approved a rule change on September 3 that allows funds listed on the Nasdaq Texas exchange to hold up to 15% of their net asset value (NAV) in digital assets like Bitcoin, Ethereum, Solana, and XRP. This update modifies Rule 5711(d), which governs commodity-based trust shares, enabling regulated multi-asset crypto products without declaring these cryptocurrencies as federal commodities. The rule change is part of a broader framework already approved for other exchanges such as Nasdaq, NYSE Arca, and Cboe in July. The SEC's order uses the four coins as examples to illustrate how the new 15% buffer works but does not establish their legal status under federal law. Instead, it reflects an agency interpretation that could be reversed by a future administration or court ruling. The approval is significant for fund structures and regulatory clarity in crypto markets, though its impact remains limited to Nasdaq Texas listing requirements rather than broader legal classification.
Topics: Bitcoin crypto regulation Ethereum Nasdaq Texas SEC Solana XRP