SEC Proposes 85/15 Framework for Multi-Asset Crypto Trusts

The US Securities and Exchange Commission (SEC) has proposed a new framework that would simplify the process of listing multi-asset crypto trusts on major exchanges. According to the 85/15 rule, these trusts must maintain at least 85% of their net asset value in qualifying assets like Bitcoin, Ethereum, Solana, and XRP. The remaining 15% can be invested in non-qualifying assets without individual SEC approval.

The proposed framework is seen as a significant development for the crypto industry, which has been pushing for more permissive regulation. Exchanges like NYSE Arca and Nasdaq have filed similar proposals, suggesting that there is momentum behind this initiative. If approved, it could lead to faster listing of multi-asset trusts on these exchanges.

The SEC's proposal also excludes non-fungible tokens (NFTs) and collectibles from the trust structures, citing valuation and liquidity concerns. This decision is seen as a pragmatic approach to regulating complex digital assets.