The U.S. Securities and Exchange Commission has approved changes to Nasdaq Texas Rule 5711(d), explicitly naming Bitcoin, Ether, Solana and XRP as digital assets that presently satisfy the exchange's commodity-based trust standards. The SEC did not create a new federal law declaring all four assets commodities; the decision concerns exchange-listing standards for commodity-based trusts.
The more significant change is a 15% flexibility provision. Under the approved framework, at least 85% of a qualifying trust's portfolio must remain invested in assets that satisfy established generic listing requirements. The remaining 15% can include other digital commodities or certain securities that do not independently meet those standards. In a hypothetical SEC example, a $100 million trust holds $95 million across Bitcoin, Ether, Solana and XRP, with another $5 million allocated to otherwise non-qualifying digital assets.
The rule also permits actively managed Commodity-Based Trust Shares, extending the framework beyond products that simply track one asset or index. That may prove more important to future ETF design than another regulatory reference to XRP.
XRP was trading around $1.40, down roughly 4% over 24 hours, but the decline coincided with rising Treasury yields and renewed expectations for tighter Federal Reserve policy, making the move appear macro-driven rather than XRP-specific. Institutional demand remained stronger than token price suggested: recent XRP ETF flows included an 11-session inflow streak worth roughly $170 million. Goldman Sachs emerged as the largest disclosed XRP ETF holder with about $87.4 million, ahead of Jane Street and Millennium Management.
For the broader market, the decision signals that major digital assets have already entered traditional finance. The next question is what financial products can be built around them. By allowing qualifying trusts to combine major digital commodities with a limited allocation to other assets, and by supporting active management, the SEC has given exchanges and asset managers more room to experiment with diversified crypto portfolios. Bitcoin, Ether, Solana and XRP are increasingly becoming the core building blocks of regulated crypto products, and the new 15% flexibility could determine what gets added next.
