SEC 正在審查一項可能影響 Bitcoin 和 XRP ETF 上市的 85% 提案

📄完整原文· 由 trafilatura 自动抓取4963 字

SEC notice opens comments on NYSE Arca’s 85% asset rule proposal, tightening crypto and commodity trust listing requirements. SEC Reviews 85% Proposal That Could Impact Bitcoin and XRP ETF Listings Key Takeaways: - SEC notice seeks comment on NYSE Arca proposal requiring 85% of assets meet eligibility standards. - NYSE Arca rule would count derivatives by gross notional value, impacting crypto trust qualification calculations. - Crypto and commodity trusts may use up to 15% in non-qualifying assets while remaining compliant. SEC Notice Opens Comment Period on 85% Asset Rule Proposal A Securities and Exchange Commission (SEC) notice published April 27, 2026, outlines a proposed rule change from NYSE Arca that could reshape how crypto and commodity investment products qualify for exchange listing. The SEC is seeking public comments on whether the proposal is consistent with the Securities Exchange Act. The filing introduces an 85% asset threshold that would limit exposure to holdings outside existing eligibility standards. The proposal highlights a shift toward tighter portfolio requirements for future trust listings. NYSE Arca is seeking to revise Rule 8.201-E, the generic listing framework for commodity-based trust shares. Under the proposed change, at least 85% of a trust’s net asset value would need to be held in assets already allowed by the rule. Those assets may include qualifying commodities, commodity-based assets, securities, cash, and cash equivalents. The remaining 15% could include other assets that do not independently meet the rule’s eligibility criteria, as long as the trust otherwise remains compliant. The filing states: “The exchange proposes to amend Rule 8.201-E (Generic) to modify the generic listing standards for commodity-based trust shares.” The proposal would also count listed and over-the-counter derivatives by aggregate gross notional value. That means large options or futures positions could affect whether a product qualifies. Sponsors would have to monitor the 85% threshold daily and quickly notify NYSE Arca if a trust falls out of compliance. The filing presents the change as a way to permit more listings while keeping most exposure tied to assets that support market surveillance. Eligibility Rules Highlight Limits on Derivatives and Non-Qualifying Assets The examples in the filing show why the threshold could matter for future crypto and commodity funds. A trust with 95% of its value in qualifying assets such as bitcoin, ether, solana, and XRP would meet the proposed standard. These assets qualify because they underlie futures contracts that have traded on designated markets for at least six months and are associated with exchange-traded products providing significant exposure, meeting the rule’s eligibility criteria. A gold-focused trust using gold and gold futures would also qualify if all holdings satisfy the current rule. But a trust holding bitcoin and OTC call options on a bitcoin ETF would fail if only about 71% of its exposure met the required criteria. That example shows how non-qualifying derivatives can outweigh an otherwise eligible bitcoin position. NYSE Arca also wants to exclude non-fungible assets and collectibles from the rule’s commodity definition. The filing says those assets were not contemplated when the generic standards were adopted. SEC Faces Mounting Pressure to Turn DeFi Guidance Into Formal Rules SEC Faces Mounting Pressure to Turn DeFi Guidance Into Formal Rules Industry participants are urging the U.S. Securities and Exchange Commission (SEC) to formalize its crypto guidance on decentralized tools, arguing… Read NowIndustry participants are urging the U.S. Securities and Exchange Commission (SEC) to formalize its crypto guidance on decentralized tools, arguing… Beyond crypto funds, the proposal points to a tighter path for product approvals. NYSE Arca could still seek separate approval for trusts involving non-fungible assets or collectibles, but those products would not qualify through the generic listing route. The exchange says the 85% threshold is consistent with similar commodity-based exchange-traded products and would support competition among issuers and venues. The filing also states that the framework is designed to improve the exchange’s ability to monitor trading, deter manipulation, and protect investors while enabling additional products to come to market. The filing notes: “The exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.” The SEC can approve, reject, or open proceedings on the proposal during its review period. Interested parties may submit comments to the SEC on the rule change, including arguments on whether it meets the Act’s requirements. The key takeaway is that future crypto and commodity trust listings may gain flexibility, but only under stricter exposure limits.

数据状态✓ 已抓取全文阅读原文（Bitcoin.com）

🔍历史类似事件· 关键词 + 标的比对6 则

2026-04-24

儘管連續 9 天出現 ETF 淨流入，XRP 對 BTC 的匯率仍面臨 40% 的下跌風險

相似度 620%標的 BTC,XRP關鍵字 bitcoin/etf/xrp同分類 hot

2026-04-23

受 Bitcoin 獲利回吐及 ETF 延遲影響，與 Ripple 相關的 XRP 下跌

相似度 620%標的 BTC,XRP關鍵字 bitcoin/etf/xrp同分類 hot

2026-04-26

XRP ETF 需求激增，流入資金達 7500 万美元，Whales 纷纷入场

相似度 570%標的 BTC,XRP關鍵字 etf/xrp同分類 hot

2026-04-24

隨著 Trump 暗示美伊談判可能重啟，BTC 80K 美元目標重回視野

相似度 570%標的 BTC,XRP關鍵字 bitcoin/could同分類 hot

2026-04-20

BTC、ETH 引領 13.6 億美元 ETF 每週資金流入

相似度 570%標的 BTC,XRP關鍵字 bitcoin/etf同分類 hot

2026-04-23

BTC 漲至 140,000 美元，XRP 漲至 7 美元？預測時間點如下

相似度 530%標的 BTC,XRP關鍵字 bitcoin/xrp

💡 目前用关键词 + 标的比对（MVP）· 之后会升级为 embedding 语义搜寻

原始信息

ID：2c998063dc

来源：Bitcoin.com

发布：2026-04-28 00:40:25

分类：hot · 导出分类 hot

标的：BTC, XRP

社群投票：+0 / −0 · ⭐ 1 重要 · 💬 0 留言