On June 9, 2026, Nasdaq filed Amendment No. 1 to a proposed rule change that could fundamentally reshape how crypto investment products are structured, listed, and traded in the United States. Release No. 34-105672 (File No. SR-NASDAQ-2026-032) amends Rule 5711(d) — the exchange's generic listing standards for Commodity-Based Trust Shares — and introduces three changes that every fund manager, token issuer, and institutional investor in the digital asset space needs to understand.

The SEC has designated July 27, 2026 as the deadline to approve or disapprove. The comment window is open now.

What Changed: Three Key Amendments

The first change is a 15% NAV buffer for digital commodities. Under the current rule, every asset held by a Commodity-Based Trust Share must meet strict eligibility criteria — essentially, each commodity must underlie a futures contract trading on an ISG-member exchange, or have an ETF already providing at least 40% economic exposure. That's a high bar that excluded a large number of digital assets.

The amended rule creates a buffer: up to 15% of the fund's net asset value may now consist of digital commodities or securities that don't meet those eligibility criteria — as long as at least 85% does. This is a direct path for crypto index products to hold emerging digital assets (think mid- and small-cap tokens) without needing to seek individual SEC approval for each one.

The second change is the formal introduction of a "digital commodity" definition in Nasdaq's rulebook. Informed by the SEC-CFTC joint interpretive guidance that took effect March 23, 2026, the definition covers digital assets that are intrinsically linked to — and derive their value from — the programmatic operation of a functional crypto system, plus supply and demand dynamics. Critically, this excludes NFTs and non-fungible collectibles from the 15% buffer. The line between a digital commodity and a digital collectible now has rule-based teeth.

The third — and arguably most significant — change is the authorization of actively managed Commodity-Based Trust Shares. Previously, the generic listing standards only covered passive, index-tracking products. The proposed amendment removes that restriction entirely, allowing fund sponsors to launch actively managed crypto trust products that adjust their portfolios based on investment judgment rather than a fixed index.

Why This Matters Right Now

Active crypto ETFs are not a theoretical concept. In May 2026, the SEC approved the iShares Bitcoin Premium Income ETF as an actively managed Commodity-Based Trust Share under Rule 5711(d) — the first of its kind. Nasdaq's proposed rule change would allow similar products to launch under generic listing standards, eliminating the need for each one to go through an individual SEC approval process.

To put the market context in numbers: active ETFs represented approximately 83% of all new U.S. ETF launches in 2025 and captured over 37% of ETF net inflows. That demand is running well ahead of regulatory infrastructure. This rule change is the infrastructure catching up.

For fund sponsors, the practical implication is significant. A manager who wants to launch an actively managed digital asset fund — one that can dynamically shift between Bitcoin, Ethereum, Solana, and emerging layer-1s within a single regulated wrapper — now has a clear listing path. No one-off 19b-4 filing. No bespoke Commission review. Generically listed, provided the portfolio stays within the 85/15 framework.

The Compliance Requirements You Can't Ignore

The new flexibility comes with guardrails. Sponsors of actively managed products must implement procedures to prevent the use and dissemination of material non-public information about the portfolio — the same firewall standards already applied to actively managed ETFs under Rule 5735. Trading halts are mandatory if portfolio information is not disseminated simultaneously to all market participants. And the 85% eligibility threshold must be monitored daily, with prompt notification to Nasdaq if it's breached.

These aren't box-checking exercises. For fund sponsors building products under these standards, compliance infrastructure needs to be designed in from day one — not retrofitted after launch.

What to Do Before July 27

The SEC comment period is open. If you're a fund sponsor, institutional investor, token issuer, or legal professional with a stake in how these standards are finalized, now is the time to submit. The original April 14 filing drew zero comment letters. That silence doesn't mean the industry is indifferent — it often means stakeholders aren't paying close enough attention.

The 15% buffer, the digital commodity definition, and the active management authorization are all still subject to Commission review. The way they're finalized will affect product development, compliance obligations, and market structure for years.

Learn More

SEC Release No. 34-105672 — Full Filing (SR-NASDAQ-2026-032)

• SEC-CFTC Joint Interpretive Guidance on Crypto Assets, 91 FR 13714 (March 23, 2026)

• CFTC Press Release — Joins SEC to Clarify Application of Federal Securities Laws to Crypto Assets

• iShares Bitcoin Premium Income ETF Approval Order, SEC Release No. 34-105582 (May 29, 2026)

• Nasdaq Generic Listing Standards for Commodity-Based Trust Shares Approval, SEC Release No. 34-103995 (Sept. 17, 2025)

• Norton Rose Fulbright — SEC and CFTC Issue Joint Interpretation on Crypto Asset Regulation

• Jenner & Block — SEC and CFTC Issue Landmark Joint Interpretation on Crypto Asset Classification