A draft of the Senate Banking Committee’s market structure bill has been circulating. It contains a provision that changes how several major cryptocurrencies are treated.
Former Fox Business journalist Eleanor Terrett highlighted the section in a new post shortly before the bill’s expected release.
She pointed to language that separates certain tokens from the disclosure regime applied to others. Terrett wrote that the draft includes “an interesting section giving some tokens classification as non-ancillary assets based on their inclusion in exchange-traded products as of January 1, 2026.” She attached a screenshot of the bill text to support the point.
What the Draft Says
The provision states that a network token will not be treated as an ancillary asset or as a security if, on January 1, 2026, it serves as the principal asset of an exchange-traded product. The product must be listed and traded on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934.
This classification matters because ancillary assets trigger ongoing disclosure requirements under the bill. Tokens that qualify under the ETF standard do not face those filings. The rule applies automatically based on status. It does not rely on discretionary approval after the fact.
Terrett summarized the effect clearly. If a token already underpins an ETF on a national exchange by that date, it enters the framework on equal footing with Bitcoin and Ethereum. No additional disclosures apply.
Why XRP Stands Out
Under this structure, XRP joins SOL, LTC, HBAR, DOGE, and LINK in the same category as BTC and ETH from day one. For XRP, the designation carries added weight. XRP spent years at the center of the SEC’s most aggressive crypto enforcement action. Ripple challenged the agency directly.
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The case forced judicial scrutiny of how U.S. securities law applies to digital assets. That process produced legal clarity that no other large-cap token had secured at the time.
This bill reflects that changed landscape. The text treats XRP as a mature network token tied to regulated market products. The final months of 2025 saw the launch of multiple spot XRP ETFs. These products went on to smash trading records and have now placed XRP among this prestigious list of cryptocurrencies.
A Structural Shift in Treatment
Tokens that meet the criteria qualify automatically. That design removes ambiguity at launch. For XRP and the four other listed assets, the result is straightforward.
As the principal asset of multiple listed exchange-traded products, federal law treats them the same way it treats Bitcoin and Ethereum under this bill. That parity places XRP inside the core of regulated digital asset markets.
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