SEC ETF rule update cites Bitcoin, Ether, Solana and XRP as commodities, adds 15% portfolio flexibility

XRP has picked up another constructive U.S. regulatory signal, but the bigger takeaway from the SEC's latest move is less about XRP's label and more about how crypto ETFs could be built going forward. In an order approving amendments to Nasdaq Texas Rule 5711(d), the SEC explicitly referenced Bitcoin, Ether, Solana and XRP as examples of digital assets that currently meet the exchange's commodity-based trust standards. The phrasing matters for listing policy, though it should not be read as a blanket, permanent federal designation that these assets are commodities under all circumstances. The order is focused on exchange listing standards. The key design change sits inside the portfolio rules. Under the SEC-approved framework, at least 85% of a qualifying trust's holdings must be invested in assets that satisfy established generic listing requirements. The remaining 15% may be allocated to other digital commodities or certain securities that do not independently meet those standards. The SEC illustrated the concept with a hypothetical $100 million trust: $95 million spread across Bitcoin, Ether, Solana and XRP, and $5 million in otherwise non-qualifying digital assets. For asset managers, that 15% sleeve meaningfully expands flexibility in constructing diversified crypto products. The rule update also allows actively managed Commodity-Based Trust Shares, extending the framework beyond products that simply track a single asset or an index. Markets did not immediately reward the regulatory headline. XRP was trading near $1.40, down about 4% over the past 24 hours as broader risk assets softened. The decline coincided with higher Treasury yields and renewed expectations for tighter Federal Reserve policy, pointing to macro pressure rather than an XRP-specific catalyst. Institutional activity, though, has remained firm. Recent XRP ETF flow data showed an 11-session inflow streak totaling roughly $170 million. Disclosures also indicate large firms have been accumulating exposure: Goldman Sachs recently appeared as the largest disclosed XRP ETF holder at about $87.4 million, ahead of Jane Street and Millennium Management. For the market, the story is increasingly shifting from whether major digital assets can enter traditional finance to what products can be engineered around them. By permitting qualifying trusts to pair core digital commodities with a limited allocation to other assets—and by supporting active management—the SEC has given exchanges and asset managers more room to experiment with diversified crypto portfolios. That makes the development larger than the simple takeaway that "XRP was called a commodity." Bitcoin, Ether, Solana and XRP are emerging as foundational components of regulated crypto products, and the new 15% flexibility may shape what gets included next.