# 2026-15618: SEC Loosens Rules for Crypto-Like Commodity Trust Shares Trading

2026-15618, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing, and Order Granting Accelerated Approval of, a Proposed Rule Change To Amend Rule 14.11(e)(4) (Commodity-Based Trust Shares), is a Federal Register notice from Securities and Exchange Commission published 2026-08-03; PRIA reads it as touching household money (as of 2026-08-10).

- Canonical: https://policyrisk.com/federal-register/2026-15618
- As of: 2026-08-10
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-15618
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing, and Order Granting Accelerated Approval of, a Proposed Rule Change To Amend Rule 14.11(e)(4) (Commodity-Based Trust Shares)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 48957
- Published: 2026-08-03
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-08-10

## In one line

SEC Loosens Rules for Crypto-Like Commodity Trust Shares Trading

## Summary

Cboe BZX Exchange is updating its rules for Commodity-Based Trust Shares to allow up to 15% of holdings to be assets that don’t meet current standards, add a clear definition for digital commodities, and permit actively-managed strategies. This change affects investors and fund managers by giving them more flexibility and could impact how these shares are managed and traded. The SEC approved this update quickly, so it’s set to take effect soon with no direct cost changes announced.

## Effects PRIA read

- Up to 15% Buffer for Non‑Standard Assets: benefit, medium. The Exchange will allow Commodity-Based Trust Shares to hold up to 15% of their net asset value (NAV) in certain assets that do not meet the existing eligibility criteria, while at least 85% of NAV must still meet the rule's allowed-asset requirements. Derivatives included in that 15% are measured…
- Formal Definition of Digital Commodity: benefit, low. The rule adds a definition of “digital commodity” as a digital asset whose value is tied to the programmatic operation of a functional crypto system and supply/demand dynamics rather than an expectation of profits from others. That definition limits what digital assets may be included within the ne…
- Active Management Now Permitted: benefit, medium. The Exchange removed the passive-management requirement so Commodity-Based Trust Shares may be actively managed, subject to the rule's other requirements. The change allows issuers to list actively-managed commodity-based trusts under the generic listing standards previously only available to passi…
- New Protections: Firewalls and Trading Halts: benefit, medium. For actively-managed Commodity-Based Trust Shares, the Exchange requires procedures to prevent misuse of material non-public portfolio information (firewalls and related controls) and will halt trading if required portfolio information is not disseminated to all market participants at the same time…
- Daily Monitoring and Breach Notification Duty: cost, low. A Commodity-Based Trust's sponsor must monitor compliance with the 85% qualifying-asset threshold daily and promptly notify the Exchange if the Trust breaches that requirement. The rule ties derivative calculations for the 15% limit to gross notional value when determining compliance.

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2026-15618 on federalregister.gov](https://www.federalregister.gov/documents/2026/08/03/2026-15618/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-and-order-granting-accelerated)
- [2026-15618 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-08-03/pdf/2026-15618.pdf)

## Related
- [Previous: 2026-15617, Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Design…](https://policyrisk.com/federal-register/2026-15617)
- [Next: 2026-15619, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2026-15619)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-15618 (as of 2026-08-10).