Nasdaq Texas loosens rules for digital asset funds
Published Date: 9/9/2026
Notice
Summary
Nasdaq Texas is updating its rules for Commodity-Based Trust Shares to allow up to 15% of the fund’s value to include assets that don’t meet the usual 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 speed up new product launches. The SEC approved this update quickly, so it’s ready to roll out soon!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Funds may hold up to 15% nonstandard assets
If you invest in Commodity-Based Trust Shares (ETPs) listed on Nasdaq Texas, the rule now allows up to 15% of a fund's net asset value (NAV) to consist of certain assets that don’t meet the usual listing eligibility. The rule still requires at least 85% of NAV to meet the normal eligibility tests, and any derivatives included for the 15% limit are measured by gross notional value.
Actively-managed commodity ETPs now allowed
Nasdaq Texas now allows actively-managed Commodity-Based Trust Shares in addition to passively-managed ones. Actively-managed funds must follow extra protections, like procedures to prevent use and sharing of material non-public portfolio information and a defined "Reporting Authority," and the Exchange can halt trading if portfolio information is not distributed to all market participants at the same time.
Faster market launches under generic listing rules
Commodity-Based Trust Shares that meet the amended generic listing standards can commence trading under Rule 19b-4(e) without a separate Section 19(b) filing and public comment, which reduces the time and regulatory steps for issuers to bring these products to market. The SEC granted accelerated approval for this proposed rule change.
New definition for 'digital commodity'
Nasdaq Texas adds a formal definition of "digital commodity": a digital asset whose value comes from the programmatic operation of a functional crypto system and supply/demand dynamics, not from expectations of profit from others. The Exchange says this definition is informed by SEC and CFTC joint guidance effective March 23, 2026.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
Previous / Next Documents
Previous: 2026-18289, U.S. Environmental Protection Agency (EPA) Contractor and Subcontractor Access to Confidential Business Information (CBI) Submitted Under Clean Air Act (CAA), Act To Prevent Pollution From Ships (APPS), and American Innovation and Manufacturing Act (AIM)
The United States Environmental Protection Agency's (EPA's) Office of Enforcement and Compliance Assurance (OECA) intends to authorize a contractor and several subcontractors to access information that will be submitted to the EPA under the Clean Air Act (CAA), the Act to Prevent Pollution from Ships (APPS), and the American Innovation and Manufacturing Act (AIM) that may be claimed as, or may be determined to be, confidential business information (CBI).
Next: 2026-18292, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 4522 (Periodic Security Counts, Verifications and Comparisons) To Simplify Position Statement and Reconciliation Requirements for Certain Alternative Investments