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Ahmed Barakat
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The SEC opened a public comment period on April 27, 2026, on an 85-item NYSE Arca rule change that would set a hard 85% asset eligibility threshold for crypto and commodity trust listings, directly affecting how Bitcoin and XRP products qualify for exchange approval.
The proposal amends Rule 8.201-E, the generic listing framework for commodity-based trust shares, and would count derivatives by aggregate gross notional value, a detail that could push borderline products out of compliance.
The question traders need to answer: does this framework accelerate the ETF pipeline or quietly narrow it?
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What the SEC 85% Rule Actually Means for Crypto ETF Listings
Under the proposed change, at least 85% of a trust’s net asset value must be held in assets that already satisfy NYSE Arca’s existing eligibility criteria.
That includes Bitcoin, Ether, Solana, and XRP, each of which qualifies because futures contracts on those assets have traded on designated markets for at least six months. The remaining 15% may include non-qualifying assets, provided the trust remains otherwise compliant.
The filing’s examples make the stakes concrete. A trust with 95% allocated across bitcoin, ether, solana, and XRP clears the threshold.
A trust holding bitcoin alongside OTC call options on a bitcoin ETF, where qualifying exposure lands at only 71%, fails. NYSE Arca stated the framework is designed to improve market surveillance and deter manipulation while enabling new products to reach the market.
Sponsors would be required to monitor the 85% threshold daily and notify NYSE Arca immediately upon falling out of compliance.
Non-fungible assets and collectibles are explicitly excluded from the rule’s commodity definition, closing the generic listing route for those products entirely.
The SEC can approve, reject, or open further proceedings during its review period, with the comment window likely running 21 to 45 days from the April 27 notice.
This builds on the SEC’s mid-2025 introduction of generic listing standards for crypto ETPs, which compressed individual product review timelines from 240 days to roughly 75 days.
For context on how that process has played out in practice, GraniteShares’ repeated XRP ETF delays illustrate how procedural friction persists even within the streamlined framework.
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