SEC Order 34-106268 Recognizes Bitcoin (BTC) as a Digital Commodity

SEC Order 34-106268 Names Four Digital Commodities

US regulators moved decisively on Thursday. The Securities and Exchange Commission issued order 34-106268, granting accelerated approval to a Nasdaq Texas amendment that rewrites Rule 5711(d), the exchange rulebook governing Commodity-Based Trust Shares. The filing text does something notable: it cites, by way of example, a trust holding Bitcoin (BTC) — the largest proof-of-work network in the asset class — alongside Ether, Solana and XRP, treating each as a digital commodity that meets the exchange's existing suitability criteria. The amendment also lets funds carry positions of up to 15% of net asset value in instruments that do not yet clear the initial listing standards, opening a lane for actively managed crypto strategies.

The order caps a sequence of easing steps: the SEC cut crypto ETP review timelines from 240 days to 75 days in September 2025, a joint SEC-CFTC statement dated March 17, 2026 assembled a broad commodity list spanning ADA, AVAX, DOGE, SHIB and LINK, and T. Rowe Price's multi-asset TKNZ ETF cleared in June. Each step has narrowed the distance between informal market practice and codified listing standards. Ripple chief executive Brad Garlinghouse argued the United States is closing in on its goal of becoming the crypto capital, with the process still requiring completion.

Markets read the decision as constructive. Total crypto market capitalization climbed to $2.711 trillion, and derivatives data shows 105,019 traders were liquidated for $566.90 million over 24 hours — $478.91 million of it from short positions. Demand for regulated wrappers stayed strong: US spot Bitcoin ETF products absorbed $730.87 million in net inflows in a single day, with BlackRock's IBIT alone drawing $454 million. Fund assets pushed above $103.34 billion, roughly 6.32% of circulating supply — a concentration rivaling the largest crypto whale wallets. The read-through extends across altcoin markets, which rallied on the explicit Solana and XRP mentions.

$2.74 Billion Options Expiry Lands Friday

Attention turns to derivatives. Roughly 29,600 Bitcoin options and 139,000 Ether contracts reached expiry on Friday, September 4, a combined notional of about $2.74 billion. On the BTC side, notional value stands near $2.39 billion with a put/call ratio of 0.65, meaning bullish call contracts outweigh puts in open interest. The maximum pain level — the price at which option sellers' aggregate payout is theoretically minimized — is calculated at $73,000. Ethereum's book is smaller, roughly $350 million across 139,000 contracts, with a put/call ratio of 0.90 indicating a more balanced put-call split; its max pain sits at $2,400. Both expiries fall on the same date, so hedging flows in BTC and ETH could interact rather than offset.

The macro backdrop added fuel: Federal Reserve governor Christopher Waller, pointing to slowing inflation, backed holding rates steady at the September 15-16 meeting, a stance that softened pressure from Asia, where the yen strengthened about 2% on rate-hike expectations. An expiry does not mechanically drag prices toward max pain — a caveat worth repeating, since it is a theoretical dealer-payout minimum, not a price magnet. But with Bitcoin having oscillated around $80,000 in recent weeks, as our report on August payrolls sent Bitcoin below $80,000, unwinding this positioning can sharpen short-term swings. What matters more is where new strikes cluster after settlement: dealers re-hedging a $2.39 billion book can move spot, especially into a weekend.

The expiry also lands amid expanding retail derivatives access — Polymarket's perpetuals venue went live with 20x Bitcoin leverage across 67 markets — deepening the liquidity such expiries settle against, a structure we track daily in our Bitcoin market coverage. Historically, expiries of this size compress ranges in the immediate aftermath before fresh strikes define new hedging zones, so directional conviction should wait for Monday's open interest print. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

CLARITY Act Vote Now in Focus

COINOTAG's view: the order is an exchange-rule approval, not a statute. The document we reviewed — SEC release 34-106268 — is a final rule, effective upon filing under the accelerated procedure, and it binds Nasdaq Texas and the Commodity-Based Trust Shares traded there; it does not by itself settle the commodity-versus-security question market-wide. That waits on Congress: a CLARITY Act cloture vote is scheduled for Tuesday, September 15 at 14:15, though the House's cancellation of September final votes could push enactment past the elections. Jurisdictions are moving in parallel — South Korea's FSC has set a tokenized securities rollout for February 2027. With ETF inflows accelerating and $2.74 billion in options settling, codification is arriving one filing at a time.