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The SEC initiated a public comment period on April 27, 2026, regarding an 85-item NYSE Arca rule modification that would establish a strict 85% asset eligibility criterion for crypto and commodity trust listings, which will directly influence how Bitcoin and XRP products qualify for exchange endorsement.
This proposal revises Rule 8.201-E, the general listing framework for commodity-based trust shares, and would assess derivatives based on their aggregate gross notional value, a factor that could disqualify borderline products.
SEC 85% RULE COULD SLOW XRP ETF APPROVALS
The U.S. Securities and Exchange Commission has commenced a review of a proposed NYSE Arca rule modification that may alter crypto ETF eligibility.
Central to this is an 85% asset threshold linked to approved holdings under current standards.… pic.twitter.com/sXm26cINsP— BSCN (@BSCNews) April 28, 2026
The question for traders to consider: does this framework expedite the ETF pipeline or subtly restrict it?
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Implications of the SEC 85% Rule for Crypto ETF Listings
According to the proposed amendment, a minimum of 85% of a trust’s net asset value must be comprised of assets that already meet NYSE Arca’s current eligibility requirements.
This includes Bitcoin, Ether, Solana, and XRP, all of which qualify since futures contracts on these assets have been traded on designated markets for a minimum of six months. The remaining 15% may consist of non-qualifying assets, as long as the trust remains compliant in other respects.
Source: SEC
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The examples provided in the filing clarify the implications. A trust with 95% allocated to Bitcoin, Ether, Solana, and XRP meets the threshold.
A trust that holds Bitcoin along with OTC call options on a Bitcoin ETF, where qualifying exposure is only 71%, does not meet the requirement. NYSE Arca indicated that the framework aims to enhance market surveillance and prevent manipulation while allowing new products to enter the market.
Sponsors would need to track the 85% threshold on a daily basis and inform NYSE Arca immediately if they fall out of compliance.
Non-fungible assets and collectibles are specifically excluded from the rule’s commodity definition, effectively closing the generic listing pathway for those products.
The SEC has the authority to approve, deny, or initiate further proceedings during its review period, with the comment period expected to last 21 to 45 days from the April 27 announcement.
This follows the SEC’s introduction of generic listing standards for crypto ETPs in mid-2025, which reduced individual product review timelines from 240 days to approximately 75 days.
For context on how this process has unfolded in practice, the repeated delays of GraniteShares’ XRP ETF highlight that procedural challenges remain even within the streamlined framework.
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