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ZEC The U.S. Securities and Exchange Commission (SEC) has approved a rule change for the NASDAQ Texas Exchange to formally define a "digital commodity"
In accordance with a committee order issued on September 3, 2026, the U.S. Securities and Exchange Commission (SEC) has approved a rule change for the NASDAQ Texas Exchange. The change adds a formal definition of "digital good" to the listing criteria for cryptocurrency exchange-traded products (ETP).
Core content of rule changes
This amendment was submitted on August 20, 2026 and made three changes to the general listing standards:
- Adjustment of asset holdings: Allow commodity-based trust shares to invest up to 15% of their net asset value in assets that do not meet existing eligibility requirements, provided those assets are digital commodities or specific securities.
- Clear definition: Added the definition of "digital goods" to the rulebook.
- Remove passive management requirements: Remove restrictions on passive management, so that actively managed shares of cryptocurrency trust can also be listed under this standard.
In addition, it is stipulated that at least 85% of the fund's net asset value must still consist of assets that meet existing qualifications.
How to define "digital goods"
According to the new rules,"digital goods" refer to digital assets whose value stems from the programmatic operation of functional encryption systems and supply-demand relationships, rather than from the expectation of profits brought by others 'management efforts.
NASDAQ Texas Stock Exchange stated that the definition refers to the explanatory guidance jointly issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC), which took effect on March 23, 2026. If Congress adopts a statutory definition, the exchange will submit further documents to unify terminology.
More crypto products, more competition
The committee order states that assets such as Bitcoin, Ethereum, Solana and Ripple have been recognized as eligible commodities. The 15% buffer range for this approval is consistent with thresholds in previously approved diversified digital commodity exchange-traded products by the SEC, such as the Grayscale Digital Large Cap Fund.
NASDAQ Texas Stock Exchange said the change will provide investors with transparent and regulated commodity and digital commodity investment tools. Market competition is intensifying as crypto issuers continue to expand their NASDAQ listings:
- Evernorth's XRP Treasury Plan recently overcame SEC obstacles and is on the way to a NASDAQ listing.
- Grayscale launched the first Zcash ETF in the United States on NYSE Arca in August.
The proposal is basically the same as the rules of The Nasdaq Stock Market approved by the SEC in July, and aims to extend the framework to Nasdaq's trading platforms.
