Foreign media reported that, following the U.S. Securities and Exchange Commission's (SEC) approval of Nasdaq Texas Rule 5711(d) adjustments, eligible crypto trusts now have greater flexibility in their listing structures. The article suggests that the key focus of this change is not the renewed mention of XRP, but rather the beginning of loosening in the portfolio design of multi-asset crypto ETFs.
85% and 15% combined structure
Under the approved framework, at least 85% of the assets of the relevant trust must still be allocated to assets that meet the general listing standards. The remaining 15% may include other digital commodities or securities that do not individually meet this standard.
The article notes that the SEC cited Bitcoin, Ethereum, Solana, and XRP in its example as digital assets currently meeting the criteria for exchange-traded commodity trusts. Foreign media interpret this statement as indicating that these assets are now within the operational scope of existing listing rules, but it does not constitute a permanent federal determination of their classification.
XRP is included as an example asset.
The article states that the market is more focused on whether XRP is classified as a "commodity," but this is not the most significant aspect of the regulatory update. More practically, fund managers will now be able to design more diversified product structures around several major categories of crypto assets.
As illustrated in the text, a $100 million trust could allocate $95 million to eligible assets such as Bitcoin, Ethereum, Solana, and XRP, and the remaining $5 million to other digital assets that do not individually meet the criteria. This provides exchanges and issuers with greater flexibility in structuring their products.
Price did not follow the strengthening regulatory signals.
The article also noted that this development did not immediately boost the price of XRP. At the time of the report, XRP was trading at approximately $1.40, down about 4% over the past 24 hours. Foreign media attributed this decline largely to macroeconomic pressures, including rising U.S. Treasury yields and market expectations that the Federal Reserve will maintain a tight monetary policy.
However, the article also notes that institutional interest in XRP-related products has not diminished accordingly. Recently, XRP ETFs experienced net inflows for 11 consecutive trading days, totaling approximately $170 million.
According to institutional holding data cited in the article, Goldman Sachs has recently become the largest disclosed holder of the XRP ETF, with a position of approximately $87.4 million, surpassing Jane Street and Millennium Management.
Multi-asset products may become the next focus
Foreign media believe that as Bitcoin, Ethereum, Solana, and XRP gradually become core underlying assets in regulated crypto products, market focus is shifting from “which tokens can enter traditional finance” to “what other products can be designed around these assets.”
The article states that if exchanges and asset managers can combine mainstream digital assets with a limited amount of other assets within a compliant framework and adopt more active management approaches, the future form of crypto ETFs may no longer be limited to single-asset products. The 15% flexibility provided under the new rules could serve as a crucial gateway for future product expansion.