SEC Reviews “85% Proposal” for XRP ETF Trust Listings
The U.S. SEC is reviewing a NYSE Arca rule change known as the “85% proposal,” a development closely watched by traders betting on an XRP ETF.
If approved, Rule 8.201-E would let crypto trust products pass listing eligibility with an 85% requirement: at least 85% of net asset value must be held in assets that already qualify, while up to 15% can be non-qualifying. The filing also updates how derivatives exposure is measured, using aggregate gross notional value.
BTC, ETH, SOL, and XRP are cited as qualifying examples due to their connection to regulated futures trading and required economic exposure through ETFs/funds. This is not direct approval of an XRP ETF; the SEC has opened public comments and could approve, reject, or extend the decision window.
Traders should monitor the SEC timeline, public-comment outcomes, and any shift in perceived XRP ETF listing probability.
Neutral
The news is a “process” improvement rather than a direct green light. The 85% proposal could make crypto trust listings—and therefore the pathway to an XRP ETF—feel more structured for issuers, but the SEC still needs to complete public comments and then decide to approve, reject, or extend.
In the short term, expectations can lift XRP sentiment because the filing explicitly includes XRP, yet without final approval the effect is likely capped and driven more by headlines than by immediate product availability. Over the longer term, if the rule becomes final, it can reduce uncertainty for institutional adoption and potentially support sustained demand narratives. Overall, the impact on XRP price is more likely neutral/limited until the SEC’s final decision.