SEC Opens the Door for Multi-Asset Crypto ETF
US regulators handed the crypto industry a significant structural win this week. SEC Order No. 34-106268 granted accelerated approval for Nasdaq Texas to amend Rule 5711(d), the rule governing Commodity-Based Trust Shares. The order does three things: it formally defines a "digital commodity" inside exchange rules, legalizes actively managed crypto strategies, and lets funds hold up to 15% of net asset value in instruments that don't yet meet strict listing criteria. To illustrate the rule in practice, the SEC cited an example involving a trust holding Bitcoin, Ether, Solana and XRP, describing them as digital commodities that currently meet the eligibility criteria — effectively creating a "Big Four" of regulator-recognized crypto assets. The move builds on earlier steps, including a March 2026 joint SEC-CFTC interpretation that had already classified BTC, ETH, SOL, XRP and several other tokens as commodities.
Fed Signals and Jobs Data Spark a Short Squeeze
The regulatory news landed alongside a sharp macro-driven rally. Bitcoin broke above $80,000 from around $77,000 and briefly approached $82,000, while Ethereum reclaimed the $2,500 level. The catalyst was a shift in Federal Reserve rate expectations: after Fed Governor Waller's dovish remarks, the market-implied probability of a 25-basis-point September rate hike fell from roughly 63% to about 50%, triggering more than $440 million in crypto short liquidations. Separately, CoinGlass data showed 105,019 traders were liquidated for a combined $566.90 million over 24 hours, with short positions accounting for the bulk of it. Institutional money followed the momentum: US spot Bitcoin ETFs pulled in $730.87 million in daily inflows, with BlackRock's IBIT alone accounting for $454 million, pushing total BTC fund assets above $103.34 billion — about 6.32% of Bitcoin's entire supply. Ethereum ETFs added another $141.24 million in inflows.
Washington's Crypto Ambitions Move Into Focus
The rally comes as US lawmakers approach a pivotal moment for crypto policy. The Senate's cloture vote on the CLARITY Act is scheduled for Tuesday, Sept. 15, though the House has already complicated the timeline by canceling its final September votes, likely pushing final passage into the post-election session. Against that backdrop, Ripple CEO Brad Garlinghouse renewed his push for US leadership in the sector, arguing the goal of making America the world's crypto hub is closer than ever as regulators and the White House continue talks with industry leaders.
What It Means for the Market
Together, the SEC's new ETF flexibility and the Fed-driven liquidity rebound point to a maturing US regulatory and institutional framework for crypto — though traders are watching for volatility as the mid-September Fed decision and CLARITY Act vote converge on the same calendar week.
