The U.S. Securities and Exchange Commission (SEC) accelerated its approval on September 3 of Nasdaq Texas’s amendments to Rule 5711(d) (Release No. 34-106268). Multiple secondary reposts over the weekend turned this filing into the statement “$XRP , $SOL has been formally designated as a commodity,” which is not consistent with the original text.
The order updates listing standards for commodity trust share listings of only one Texas exchange: it allows up to approximately 15% of net asset holdings that have not yet met general eligibility for digital commodities or specified securities, while requiring that at least 85% still fall within eligible assets; and it also includes a definition of “digital commodity,” with a framework that is largely consistent with the standards already approved in July for Nasdaq, NYSE Arca, and Cboe. The Bitcoin, Ether, Solana, and XRP mentioned in the text are examples used to satisfy that exchange’s monitoring conditions for “eligible commodities”—the underlying futures have been traded on ISG markets for about six months, and there are ETFs providing at least about 40% economic exposure. These are market surveillance thresholds set by the exchange, not a determination of “commodity” status under federal securities law.
The real federal-level market-structure definition is more likely to come around the procedural vote under the CLARITY Act before and after September 15; the exchange-side definition remains transitional and will be further aligned by subsequent congressional legislation. Listing rules have changed, but that does not mean the legal attributes of a given cryptocurrency have changed, nor does it imply that prices will necessarily rise in the short term. Any compliance narrative involving $BTC must also clearly distinguish between “examples” and “legislation.”
#SEC #加密监管 #CLARITY
does not constitute investment advice
The order updates listing standards for commodity trust share listings of only one Texas exchange: it allows up to approximately 15% of net asset holdings that have not yet met general eligibility for digital commodities or specified securities, while requiring that at least 85% still fall within eligible assets; and it also includes a definition of “digital commodity,” with a framework that is largely consistent with the standards already approved in July for Nasdaq, NYSE Arca, and Cboe. The Bitcoin, Ether, Solana, and XRP mentioned in the text are examples used to satisfy that exchange’s monitoring conditions for “eligible commodities”—the underlying futures have been traded on ISG markets for about six months, and there are ETFs providing at least about 40% economic exposure. These are market surveillance thresholds set by the exchange, not a determination of “commodity” status under federal securities law.
The real federal-level market-structure definition is more likely to come around the procedural vote under the CLARITY Act before and after September 15; the exchange-side definition remains transitional and will be further aligned by subsequent congressional legislation. Listing rules have changed, but that does not mean the legal attributes of a given cryptocurrency have changed, nor does it imply that prices will necessarily rise in the short term. Any compliance narrative involving $BTC must also clearly distinguish between “examples” and “legislation.”
#SEC #加密监管 #CLARITY
does not constitute investment advice