Before generic standards, each spot bitcoin product needed its own rule change and an SEC order. Generic standards define the criteria once; a product meeting them can list on the exchange's own certification.
In 2026 the SEC approved Nasdaq Texas rules materially identical to Nasdaq's, adding a definition of "digital commodity", allowing up to 15 percent of net asset value in assets outside the eligibility criteria, and permitting actively managed strategies.
The rules decide which bitcoin products a broker can put in front of a retail investor, which is why the Policy desk reads them.