SEC Includes XRP and SOL in Nasdaq Texas Regulations

The U.S. Securities and Exchange Commission (SEC) has approved amendments to the commodity-based trust securities regulations of Nasdaq Texas, listing Ripple (XRP) and Solana (SOL) alongside Bitcoin (BTC) and Ethereum (ETH) as examples in the regulations. On the 4th, the SEC announced the expedited approval of the amendment to Nasdaq Texas Regulation 5711(d) under Order 34-106268. This amendment expands the asset composition and operational scope of commodity-based trust securities, allowing for the inclusion of certain assets that do not meet existing eligibility criteria, up to a maximum of 15% of the net asset value (NAV). The order cites trusts holding BTC, ETH, SOL, and XRP as examples, explaining that these assets qualify as eligible commodities under current Regulation 5711(d)(iv)(A)(2) and (3). The conditions state that futures contracts based on the commodity must have been traded for at least six months, and an ETF providing economic exposure of over 40% of the net asset value must be listed. According to the order, a structure has been proposed where a trust security holding $95 million worth of BTC, ETH, SOL, and XRP includes $5 million worth of other digital commodities. However, XRP and SOL have not been included in the list of individual spot ETF approvals. This action is an approval of changes to the listing standards of Nasdaq Texas and is distinct from the approval of new listings for specific XRP or SOL ETFs.

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