The United States Securities and Exchange Commission (SEC) opened a public comment period on April 27, 2026 on an 85-provision rule change from NYSE Arca that would establish a strict minimum eligibility of 85% of assets to be included in cryptocurrency and commodity trusts, which would directly impact how Bitcoin and XRP products qualify for exchange approval.
The proposal amends Rule 8.201-E, the general framework for listing shares of commodity-based trusts, and would calculate derivatives based on the total notional value raised, a detail that could push products that meet compliance thresholds outside the scope of approval.
SEC 85% RULE COULD SLOW DOWN XRP ETF APPROVALS
The U.S. Securities and Exchange Commission has opened review of a proposed NYSE Arca rule change that could reshape the eligibility of crypto ETFs.
At the center is an 85% asset threshold linked to approved assets under existing standards.… pic.twitter.com/sXm26cINsP– BSCN (@BSCNews) April 28, 2026
The question traders need to answer is: will this framework accelerate the launch of exchange-traded funds (ETFs) or quietly reduce their scope?
What does the SEC 85% rule actually mean for listing crypto funds?
Under the proposed change, at least 85% of the fund’s net asset value must be held in assets that already meet NYSE Arca’s current eligibility criteria.
This includes Bitcoin, Ether, Solana and XRP, each of which is eligible because futures on these assets have been trading on specific exchanges for at least six months. The remaining 15% may include non-qualifying assets, provided the fund remains compliant with other criteria.
The examples in the application make the risks concrete; A fund that allocates 95% of its assets between Bitcoin, Ether, Solana and XRP successfully exceeds the required threshold. In contrast, a fund that holds Bitcoin as well as over-the-counter (OTC) call options on a Bitcoin ETF, where the eligible exposure is only 71%, will fail to comply.
The framework is designed to improve market surveillance and deter manipulation while allowing new products to reach the market, NYSE Arca said. Sponsors will be required to monitor the 85% limit daily and immediately notify the exchange in the event of non-compliance.
Non-fungible assets (NFTs) and collectibles were also explicitly excluded from the definition of goods in the rule, completely closing the way for the general inclusion of these products. The SEC may approve or reject the proposal or initiate additional proceedings during the review period, with the comment window lasting 21 to 45 days from the April 27 notification date.
This builds on the authority’s introduction of general listing standards for crypto ETFs in mid-2025, which reduced review times for individual products from 240 days to around 75 days. To illustrate how this process actually works, GraniteShares’ repeated XRP ETF deferrals show how procedural friction persists even in a simplified framework.
The post Securities Commission Studying 85% Rule and Its Impact on XRP and Bitcoin appeared first on Cryptonews Arabic.