The U.S. Securities and Exchange Commission (SEC), the U.S. securities regulator, approved an accelerated rule change for Nasdaq Texas LLC that adds a formal digital commodity definition to Rule 5711(d), which governs Commodity-Based Trust Shares. The amendment allows eligible crypto trust shares to hold up to 15% of net asset value in digital commodities or certain securities that do not meet existing requirements, while at least 85% must remain in qualifying assets. It also removes the passive-management requirement, allowing actively managed crypto trust shares to list under the standard. The definition describes a digital commodity as a digital asset whose value comes from the programmatic operation of a functional crypto system and supply and demand, rather than expectations of profits from others' managerial efforts. Nasdaq Texas said the definition reflects joint SEC-CFTC (U.S. derivatives regulator) interpretive guidance effective 23 March 2026 and would be updated if Congress adopts a statutory definition. The order identifies Bitcoin, Ether, Solana and XRP as already eligible commodities and says the 15% threshold is consistent with limits approved for diversified digital commodity exchange-traded products, including the Grayscale Digital Large Cap Fund. The approval comes as crypto issuers expand Nasdaq-listed offerings, following Evernorth's XRP treasury clearing an SEC hurdle toward a Nasdaq listing and Grayscale's August debut of the first U.S. Zcash ETF on NYSE Arca. The proposal is materially identical to a rule approved for The Nasdaq Stock Market in July, extending the framework across Nasdaq venues.