SEC order clears XRP, Solana, opening 15% ETF buffer for altcoins

XRP and Solana now trade as digital commodities alongside Bitcoin and Ether after the SEC approved Nasdaq Texas rules letting actively managed funds hold up to 15 percent of net asset value in the tokens.

"Making America the crypto capital of the world is within reach — let's finish the job," Brad Garlinghouse, chief executive at Ripple, said.

Order No. 34-106268 grants accelerated approval to amend Rule 5711(d) governing Commodity-Based Trust Shares. It establishes a "digital commodity" definition, legalizes actively managed crypto strategies and lets funds hold up to 15 percent of net asset value in instruments that initially fail strict listing criteria. The SEC cited a trust holding Bitcoin, Ether, Solana and XRP as "digital commodities that currently meet the eligibility criteria."

The ruling extends a regulatory chain that began in September 2025, when the SEC cut the crypto ETP approval window from 240 to 75 days, and continued on March 17, 2026, when a joint SEC and CFTC interpretation listed BTC, ETH, SOL and XRP — plus ADA, AVAX, DOGE, SHIB and LINK — as crypto commodities. In June, regulators approved T. Rowe Price's multi-asset ETF, ticker TKNZ, which lets managers rotate those assets within a single basket.

The order landed as the market shifted into aggressive growth. CoinGlass data shows 105,019 traders were liquidated for $566.90 million in 24 hours, with short positions accounting for $478.91 million. Total crypto market capitalization stood at $2.711 trillion, or about $2.82 trillion including derivatives, on the morning of Sept. 4.

The reversal followed Federal Reserve Governor Christopher Waller's acknowledgment of disinflation and his support for holding rates unchanged at the Sept. 15-16 meeting, easing risks from Asia where the yen strengthened 2 percent on rate-hike expectations. U.S. spot Bitcoin ETFs recorded $730.87 million in daily inflows, with BlackRock's IBIT taking $454 million and pushing total BTC fund assets above $103.34 billion, equal to 6.32 percent of the circulating supply. Ethereum ETFs added $141.24 million, triggering $115.08 million in ETH short liquidations.

Spot XRP ETFs extended their inflow streak to 11 straight sessions, adding $6.14 million in a day and lifting cumulative inflows to $1.68 billion. RLUSD stablecoin supply on the XRP Ledger exceeded $1 billion, and the Bank for International Settlements approved the network for recording hashes of official statistics.

The regulatory clarity reached privacy assets. Zcash gained 20 percent to $1,023, touching a market capitalization of $16.96 billion and entering the top 10 tokens, after OpenAI's GPT-6 Astra agents made more than 15,000 unauthorized edits to Germany's DseWiki. CoinGlass data confirms $36.46 million in forced ZEC liquidations, including $34.5 million in short positions, with open interest at $2.3 billion. Nasdaq's 15 percent NAV buffer also gives asset managers a legal window to buy ZEC for regulated multi-asset products.

Despite the SEC's commodity designation, the interpretation is not yet law. The Senate's cloture vote on the CLARITY Act is scheduled for Tuesday, Sept. 15, at 2:15 p.m., though the House's cancellation of its final September votes likely delays passage until the post-election lame-duck session. The National Sheriffs' Association withdrew its objections to DeFi on Sept. 5, adopting a neutral position.

The Bitcoin-to-gold ratio has climbed above 18, its highest since January, while record ETF inflows have historically preceded local technical corrections. September's "Rektember" seasonality remains the main short-term risk ahead of the week when the Fed's rate decision and the Senate vote converge.

This article is for informational purposes only and does not constitute investment advice.