SEC Opens Comment Period on NYSE Arca 85/15 Crypto ETF Framework
The SEC has opened public comments on NYSE Arca's proposed 85/15 rule requiring crypto ETFs to hold at least 85% qualifying digital assets.
The U.S. Securities and Exchange Commission has opened a public comment period on NYSE Arca's proposed 85/15 framework that would standardize how crypto exchange-traded funds manage their asset composition.
What Happened
NYSE Arca filed the proposed rule change on April 22, 2026, and the SEC initiated public review shortly after. The framework establishes that at least 85% of a crypto ETF trust's net asset value must be held in qualifying digital assets, specifically Bitcoin, Ethereum, Solana, and XRP. The remaining 15% may be allocated to other assets, including cash equivalents and short-term instruments.
The proposal aims to create a clear, standardized structure for multi-asset crypto ETFs, addressing a gap in current regulations where each fund filing required individual negotiation with the SEC on asset composition rules.
Why It Matters
This framework could significantly accelerate crypto ETF approvals by providing a pre-approved template for issuers. Rather than navigating ad-hoc SEC reviews, fund sponsors would have a defined path to launch diversified crypto ETFs that meet the 85% qualifying asset threshold.
The inclusion of Solana and XRP alongside Bitcoin and Ethereum as qualifying assets signals growing institutional acceptance of these networks. For investors, standardized ETF composition rules mean greater transparency and predictability in fund management.
What to Watch
The public comment period gives market participants and institutions time to submit feedback on the proposal. If adopted, the 85/15 framework could become the template for a new wave of multi-asset crypto ETF launches in the second half of 2026. The comment period is expected to last 21 days from the Federal Register publication date.
Key Takeaways
The 85/15 framework represents a structural shift in how regulators approach crypto ETF oversight, moving from case-by-case review toward standardized guidelines. The outcome of the comment period will determine how quickly this new pathway becomes available to issuers.
