The U.S. Securities and Exchange Commission (SEC) is reviewing a proposed rule change filed by NYSE Arca that would substantially simplify the process of listing multi-asset cryptocurrency trusts. The proposal, targeting Rule 8.201-E, would formally name XRP alongside Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as eligible commodities under a new 85/15 framework.
Under the current rules, every asset within a commodity-based trust listed on NYSE Arca must independently meet specific eligibility criteria. The proposed amendment would replace that requirement with a portfolio-level test: at least 85% of the trust's net asset value must consist of qualifying assets, while the remaining 15% can include assets that would not otherwise meet the eligibility standards. Bitcoin, Ethereum, Solana, and XRP are explicitly named as qualifying assets in the filing, each satisfying the criteria because they underlie a futures contract traded on a regulated market for at least six months and have an ETF providing at least 40% economic exposure.
To illustrate the mechanics, the filing presents a hypothetical trust holding $95 million in BTC, ETH, SOL, and XRP alongside $5 million in other digital assets that do not meet the eligibility standards. Since qualifying assets represent 95% of the portfolio—well above the 85% threshold—the trust would meet the listing requirements under the proposed change. Nasdaq filed an essentially identical proposal under SR-NASDAQ-2026-032. NYSE Arca cited two prior SEC approvals as precedent: the Grayscale Digital Large Cap Fund and Bitwise's 10 Crypto Index ETF, both of which were cleared under a comparable 85% standard. The filing also proposes excluding non-fungible assets and collectibles from the definition of eligible commodities.
The SEC now has up to 45 days from publication in the Federal Register to act on the proposal, with an option to extend to 90 days. If approved, the rule would reduce the need for exchanges to seek individual SEC approval for each multi-asset crypto product, potentially accelerating ETF innovation.
For XRP specifically, the proposal is seen as a major regulatory milestone. Analysts like ChartNerd described the development as "massive" for XRP, as it provides a clear, defined path for XRP-based ETFs. Spot XRP ETFs have already hit a new record for cumulative net inflows at $1.29 billion since their launch in mid-November 2025. However, XRP's price has not yet reflected the positive news, trading around $1.39 at the time of writing, down 2% in the last 24 hours and nearly 40% lower than a year ago. The token remains more than 61% below its all-time high of $3.65 from July 2025.
While the proposal simplifies the compliance path, it also imposes constraints: ETF issuers will have limited flexibility to use derivatives or non-approved assets, as only 15% of the portfolio can deviate from the qualifying list. This pushes issuers toward cleaner, more transparent fund structures that are heavily backed by direct exposure to approved assets. The SEC's move is widely interpreted as part of a broader regulatory trend emphasizing investor protection and real asset backing over complex synthetic positions.
