The U.S. Securities and Exchange Commission is asking for public comment on a proposed NYSE Arca rule change that could alter how crypto commodity exchange-traded products are structured.
In a notice published Monday, the SEC said NYSE Arca wants to amend its generic listing standards for Commodity-Based Trust Shares so that at least 85% of a trust’s net asset value consists of assets already allowed under existing listing rules.
The remaining 15% could be held in other assets that do not independently qualify, so long as the trust still meets the rest of the rulebook, according to the filing.
NYSE Arca said the threshold is meant to allow broader product design while keeping the bulk of exposure tied to assets that meet existing surveillance-linked eligibility criteria.
The proposal also said listed and over-the-counter derivatives would be counted using aggregate gross notional value, not just market value.
The filing gave a few concrete examples. A trust holding bitcoin (BTC), ether (ETH), Solana (SOL), and (XRP) alongside a small sleeve of non-qualifying digital assets, would pass if 95% of NAV met the standards.
A trust holding bitcoin plus OTC call options on a bitcoin ETF would fail if only about 71% of the exposure qualified.
The proposal also narrowed the definition of what counts as a “commodity” for these generic listings.
Non-fungible assets and collectibles would be explicitly excluded, though the exchange notes that it could still seek separate approval for products holding those assets later on.
The filing reflects a broader shift in the SEC’s approach to crypto listings, with a growing focus on standardized frameworks rather than one-off approvals.
Paul Atkins was sworn in as SEC chairman in April 2025, over a year ago. The agency has since leaned harder into clarity and product architecture rather than the enforcement-first tone that dominated much of the Gary Gensler era.
In recent weeks, the SEC has advanced a crypto safe harbor proposal, coordinated with the CFTC on broader digital asset guidance, acknowledged flaws in past enforcement, and carved out a path for some crypto interfaces to avoid broker registration.
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