The SEC opened a public remark interval on April 27, 2026, on an 85-item NYSE Arca rule change that will set a tough 85% asset eligibility threshold for crypto and commodity belief listings, straight affecting how Bitcoin and XRP merchandise qualify for trade approval.
The proposal amends Rule 8.201-E, the generic itemizing framework for commodity-based belief shares, and would depend derivatives by mixture gross notional worth, a element that would push borderline merchandise out of compliance.
SEC 85% RULE COULD SLOW XRP ETF APPROVALS
The U.S. Securities and Change Fee has opened evaluate of a proposed NYSE Arca rule change that would reshape crypto ETF eligibility.
On the middle is an 85% asset threshold tied to accepted holdings underneath current requirements.… pic.twitter.com/sXm26cINsP— BSCN (@BSCNews) April 28, 2026
The query merchants must reply: does this framework speed up the ETF pipeline or quietly slender it?
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What the SEC 85% Rule Really Means for Crypto ETF Listings
Beneath the proposed change, at the least 85% of a belief’s web asset worth have to be held in property that already fulfill NYSE Arca’s current eligibility standards.
That features Bitcoin, Ether, Solana, and XRP, every of which qualifies as a result of futures contracts on these property have traded on designated markets for at the least six months. The remaining 15% could embrace non-qualifying property, offered the belief stays in any other case compliant.
The submitting’s examples make the stakes concrete. A belief with 95% allotted throughout bitcoin, ether, solana, and XRP clears the brink.
A belief holding bitcoin alongside OTC name choices on a bitcoin ETF, the place qualifying publicity lands at solely 71%, fails. NYSE Arca said the framework is designed to enhance market surveillance and deter manipulation whereas enabling new merchandise to succeed in the market.
Sponsors can be required to observe the 85% threshold day by day and notify NYSE Arca instantly upon falling out of compliance.
Non-fungible property and collectibles are explicitly excluded from the rule’s commodity definition, closing the generic itemizing route for these merchandise completely.
The SEC can approve, reject, or open additional proceedings throughout its evaluate interval, with the remark window possible operating 21 to 45 days from the April 27 discover.
This builds on the SEC’s mid-2025 introduction of generic itemizing requirements for crypto ETPs, which compressed particular person product evaluate timelines from 240 days to roughly 75 days.
For context on how that course of has performed out in follow, GraniteShares’ repeated XRP ETF delays illustrate how procedural friction persists even inside the streamlined framework.
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