Foreign media reports that the U.S. Securities and Exchange Commission (SEC) recently approved Nasdaq's Regulation DTCC 5711(d) for Texas, allowing eligible crypto trusts to have more flexibility in their listing structures. The article argues that the focus of this change is not so much on the SEC's repeated mention of certain requirements, but rather on the beginning to loosen the restrictions on the combined design of multi-asset crypto funds.
85% and 15% combination structure
According to the approved framework, at least 85% of the assets of the relevant trusts must still be allocated to assets that meet the general listing standards. The remaining 15% can be invested in other digital commodities or in securities that do not yet individually meet these standards.
It is mentioned in the text that SEC lists Bitcoin, Ethereum, Solana, and XRP as digital assets that currently meet the standards for exchange-traded commodity trusts. Foreign media believes that this statement indicates that these assets have been included within the scope of the current listing rules, but it does not equate to a permanent recognition of their attributes at the federal level.
XRP has been included in the list of example assets.
The article states that the market is more concerned with whether XRP is regarded as a "commodity," but this is not the most significant aspect of this regulatory adjustment. A more practical change is that fund managers will be able to design more diversified product structures around several mainstream crypto assets in the future.
As illustrated in the text, for a trust with a scale of $100 million, $95 million can be allocated to assets that meet the criteria such as Bitcoin, Ethereum, Solana, and XRP, while the remaining $5 million is allocated to other digital assets that do not individually meet these criteria. This means that exchanges and issuers have more flexibility in how they package their products.
Prices have not strengthened in line with regulatory signals.
The article also mentioned that this development did not immediately drive up the price of XRP. At the time of the report, XRP was trading at around $1.40, with a 24-hour decline of about 4%. Foreign media attributed this drop more to macroeconomic pressures, including rising U.S. Treasury yields, as well as market expectations for the Federal Reserve's continued tight policy stance.
However, the text also mentions that institutional interest in XRP related products has not weakened accordingly. Recently, XRP ETF funds have seen net inflows for 11 consecutive trading days, totaling approximately 170 million US dollars.
According to the institutional position data cited in the article, Goldman Sachs has recently become the largest holder of XRP ETF, with a position of approximately 87.4 million US dollars, which is larger than that of Jane Street and Millennium Management.
Multi-asset products may become the focus of the next step.
Foreign media believes that as Bitcoin, Ethereum, Solana, and XRP gradually become core underlying assets among regulated crypto products, the focus of the market 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 management institutions can combine mainstream digital commodities with a small amount of other assets within a compliant framework and introduce more proactive management methods, then the future form of encryption ETF may no longer be limited to single-asset products. This 15% of flexibility in the new rules could become an important interface for subsequent product expansion.
