#secapprovesnasdaqtexascommoditytrustrule The SEC Has Expanded Crypto Fund Listing Rules. The Details Matter. A September 3 SEC order approved changes to Nasdaq Texas’s listing standards, adding a “digital commodity” definition and giving qualifying crypto investment products more flexibility. Under the updated rules: At least 85% of holdings must remain in eligible assets, cash or cash equivalents. Up to 15%, in aggregate, may consist of digital commodities or securities that don’t satisfy the standard eligibility criteria. Active management is now permitted, subject to disclosure and other safeguards. What about Bitcoin, Ether, Solana and XRP? The order names them in an example as assets already eligible under the exchange’s rules. That passage should not be presented as a new federal legal classification. The approval concerns listing standards and does not itself approve a particular fund. Similar changes were approved for Nasdaq, NYSE Arca and Cboe BZX in July. My take: the practical opportunity is broader portfolio design. Issuers could use this flexibility to combine established crypto exposure with limited allocations to additional assets or introduce active strategies. But product flexibility alone doesn’t tell us whether investors will commit capital. I’m watching which issuers launch products, what they actually hold, their fees, and whether they attract sustained net inflows. Which product changes would make this rule meaningful for investors? $VTHO $ZEST $ORDER