The U.S. Securities and Exchange Commission (SEC) has proposed a rule amendment to streamline the listing process for crypto investment products that include XRP, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The centerpiece of the proposal is the 85/15 framework, which would allow multi-asset crypto trusts to gain listed status without requiring separate SEC approval for each underlying asset.
How the 85/15 Framework Works
Under the proposed rule, a trust must hold at least 85% of its net asset value in “qualifying assets,” with the remaining 15% allocated to non-qualifying assets. The SEC has designated BTC, ETH, SOL, and XRP as qualifying assets. The proposal targets Rule 8.201-E governing the listing of commodity-based trust shares on NYSE Arca. Currently, each asset in a trust must independently meet listing criteria; the new rule would eliminate that requirement, significantly reducing compliance burdens for issuers.
Market Reaction and Data
The SEC has 45 days to act on the proposal, with an option to extend to 90 days. XRP is currently trading at $1.39, down 2% in the last 24 hours, but spot XRP ETFs have seen record net inflows of $1.29 billion. Meanwhile, BTC, ETH, and SOL posted gains of 1.29%, 1.18%, and 0.93% respectively over the same period, reflecting broad market stability.
Industry observers believe that if adopted, the proposal would attract more traditional financial institutions to diversified crypto trusts, particularly for assets like XRP and SOL that have faced regulatory uncertainty. Recent moves by Goldman Sachs and the surge in CME XRP futures volume—$63 billion in the first year—underscore growing institutional appetite.
Next Steps and Broader Context
The SEC’s proposal is part of a broader push toward crypto regulatory clarity in 2026, following the CLARITY Act which classified Ethereum as a programmable asset. The agency is expected to open a public comment period in the coming weeks, with a final decision possible within 90 days. The rule change, however, applies only to commodity-based trust shares on NYSE Arca, but it is widely seen as a significant step toward mainstream acceptance of crypto ETPs.