US SEC to Officially Recognize XRP... What is the '85% Rule' Shaking Up the ETF Market?

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The U.S. Securities and Exchange Commission (SEC) has begun introducing new regulations to clarify the listing standards for cryptocurrency ETFs. At the same time, major virtual assets, including XRP, have reached a turning point in strengthening their status as eligible assets within institutional finance.

According to crypto news outlet 24/7 Wall Street on April 29 (local time), the SEC has initiated a public comment period for the so-called '85% rule' proposed by NYSE Arca. This rule requires that 85% or more of a commodity-based trust's assets consist of eligible assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. This suggests that XRP, which has been in regulatory uncertainty, is now officially recognized as an eligible asset within the institutional framework.

The five XRP spot ETFs currently trading in the U.S. are analyzed to have limited impact from this regulatory change. Products managed by Bitwise, Canary Capital, Franklin Templeton, 21Shares, and Grayscale hold only XRP without derivatives, thus sufficiently meeting the 85% standard. Since their initial launch in November 2025, these funds have recorded a total net asset value of $1.05 billion and cumulative inflows of $1.29 billion.

Conversely, the impact of the regulation is expected to be concentrated on leveraged products with a high proportion of derivatives. GraniteShares' 3x long and short XRP ETFs have seen their launch delayed five times since April 2, with the next scheduled date set for May 7. The new rule makes it difficult to maintain high-leverage structures because it accounts for both options and futures positions based on notional value. The SEC has already curbed the proliferation of high-risk products through a policy introduced in December 2025, limiting leverage to 200%.

This regulation is expected to create opportunities for multi-asset trusts holding multiple assets. Products incorporating Bitcoin, Ethereum, XRP, Solana, and others simultaneously can be listed according to standardized criteria without individual asset-specific approval processes, potentially accelerating market entry. As SEC Commissioner Paul Atkins' emphasized regulatory standardization trend materializes, the overall efficiency of the listing process is also expected to increase.

XRP's price fell 5% to $1.36 after news related to the regulation, but the market largely interprets this as a short-term reaction. The very fact that XRP is explicitly named as an eligible asset is seen as a factor that could strengthen its institutional foundation in the mid to long term. Investors are closely watching May 7, when the launch of GraniteShares' products will be decided, and May 19, the end of Nasdaq's public comment period for similar rules, as key variables.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*