SEC order broadens ETF access to crypto

TLDR

The SEC has approved a new order that gives Nasdaq Texas more flexibility to list and manage crypto ETFs, widening regulated access to major tokens like Bitcoin, Ether, Solana, and XRP.

1. The order lets Nasdaq Texas treat BTC, ETH, SOL, and XRP as digital commodities and allows certain active crypto ETFs to hold a broader mix of assets.
2. This can expand ETF-based exposure beyond plain spot Bitcoin and Ether, potentially including smaller or less standardised crypto assets inside regulated products.
3. The change is still interpretive and sits ahead of the CLARITY Act, so investors should watch how regulators and Congress follow up before assuming blanket green lights for all tokens.

Deep Dive

1. What The SEC Order Actually Does

On 4 September 2026, the SEC issued Order No. 34-106268 for Nasdaq Texas, authorising the exchange to classify Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP as digital commodities and to list actively managed crypto ETFs under that framework. The order also permits these active crypto ETFs to allocate up to 15 percent of net asset value to assets that do not meet the exchanges usual strict listing criteria, within specified safeguards. This comes on top of a prior joint SEC and CFTC interpretation that treated a wider set of major coins as commodities rather than securities, and followed earlier process changes that cut crypto ETP approval times from 240 to 75 days for compliant products, as reported in the Nasdaq Texas coverage of the order.

Confidence: high, based on the published order and multiple regulatory reports.

2. How It Broadens ETF Access

By formally recognising key coins as digital commodities on a major US venue, the order lowers procedural friction for launching and running ETFs that hold them. The 15 percent NAV allowance for assets outside strict listing criteria enables active managers to add a limited sleeve of more niche or structurally different crypto exposures inside an ETF wrapper, rather than sticking only to the largest, most standardised tokens. This can support innovation in strategies, such as including staking-related assets or smaller-cap tokens alongside BTC and ETH, while keeping the majority of the portfolio inside tighter rules.

3. What To Watch Next

The SECs order is still an interpretive step, not a comprehensive new law. Its long term significance will depend on whether Congress passes the CLARITY Act, which aims to define digital assets as securities, commodities, or stablecoins in statute, and on how the SEC and CFTC follow up with broader rulemaking. Investors and issuers should watch for further guidance on what qualifies for that 15 percent non strict criteria bucket, how other exchanges respond, and whether future enforcement or court decisions narrow or expand this flexibility. Until then, each new ETF filing will be a test case for how far regulators are willing to go in broadening crypto access through funds.

Conclusion

The SECs Nasdaq Texas order meaningfully widens the regulated toolkit for crypto ETFs, especially around BTC, ETH, SOL, and XRP, while opening a controlled door for more diverse crypto exposures inside active funds. It signals growing comfort with crypto as a commodity-like asset class, but true certainty still hinges on legislation and future rules, so the opportunity for broader access comes alongside a need for careful attention to how portfolios are built and supervised.