[DigitalToday reporter Yoonseo Lee (이윤서)] NYSE Arca, a unit of the New York Stock Exchange, included XRP as an example of an eligible asset as it moved to revise listing standards for crypto product trusts.

On April 28 local time, blockchain outlet The Crypto Basic reported that Arca submitted to the U.S. Securities and Exchange Commission a proposed amendment to Rule 8.201-E, which covers general listing standards for commodity-based trusts.

The key change is tightening standards so that most of a trust’s assets are made up of cryptocurrencies that meet existing surveillance systems and listing requirements. The proposal would require at least 85% of a crypto trust’s net asset value (NAV) to consist of assets that already meet approved requirements. It would also set a threshold allowing up to 15% to be allocated to assets in non-approved categories.

Under this standard, Arca explicitly cited XRP as an eligible asset example alongside bitcoin, ethereum and solana. As a result, a trust holding XRP together with other eligible assets could meet the standard as long as the share of non-approved assets does not exceed 15%.

Arca said the purpose of the revision is to provide "broad flexibility" to issuers of crypto products while maintaining investor protection based on surveillance-sharing agreements and oversight by regulated markets. It said the change is not simply expanding what can be included, but widening portfolio options while keeping the listing review structure in place.

Still, the document does not formally define XRP as a commodity. The proposal mentioned XRP only as an example of an eligible asset and did not include a final determination of its legal character. Even so, because XRP has been at the center of regulatory debate in the United States, the fact that it is named directly in a listing-rule document is a point of market attention.

In the background is that XRP’s legal status has not been fully settled. In 2023, a New York court ruled that XRP was not a security. But discussion continues among legal experts over whether XRP can be viewed as a commodity. Even in this situation, the SEC and the U.S. Commodity Futures Trading Commission have previously classified XRP as a "digital commodity" along with bitcoin and ethereum under a joint classification framework.

The proposed amendment is currently under SEC review. The SEC is conducting a public comment process before making a final decision. As a result, how broadly trust products that include XRP will actually be permitted will depend on the outcome of the review.

The market is also viewing the document as not being a final answer that resolves regulatory uncertainty. Industry stakeholders see the need for congressional legislation such as the "CLARITY" Act to prevent the possibility of future policy reversals. Separate from the SEC review, efforts to clarify the legal character of digital assets, including XRP, remain a key point to watch.