NYSE Arca Seeks Standard Rulebook for Multi-Asset Crypto ETFs, Anchored by an "85%" Threshold

NYSE Arca has filed a proposal to create a standardized listing framework for multi-asset "basket" crypto exchange-traded funds, aiming to replace case-by-case approvals with a clearer set of eligibility rules, CoinDesk reported. At the center of the filing is an "85% rule": to qualify, a fund would need to hold at least 85% of assets in cryptocurrencies backed by mature, regulated futures markets that have been in place for at least six months. That standard would effectively cover major assets such as Bitcoin and Ethereum, and could extend to other tokens with comparable regulated derivatives infrastructure. The remaining 15% could be allocated to newer or higher-risk digital assets, allowing index-style products with broader exposure while keeping most of the portfolio tied to markets regulators view as more established. The proposal also tightens how derivatives exposure is measured. Regulators would require exposure to be calculated using the full notional value of a derivatives contract rather than the premium paid, a change that constrains highly leveraged positioning and certain yield-driven strategies. Some categories remain excluded. NFTs and collectible-style tokens are not part of the eligible investment universe, underscoring a more conservative regulatory posture. The filing arrives as U.S. regulators move toward a more defined digital-asset rule set. Joint activity by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission has resulted in a growing number of crypto assets being treated as "digital commodities," which can ease inclusion in regulated investment products. Market participants can submit public comments on the proposal, including whether the 15% cap on higher-risk assets is too restrictive and whether the six-month regulated futures history requirement is appropriate. For large asset managers such as BlackRock and Fidelity, a generic framework could speed product development and streamline access to investor capital. If adopted, the approach would signal a broader shift: crypto ETFs would be treated less as bespoke exceptions and more as a mainstream component of the financial system.