A closer look at why the consultation’s proposed deferral sits awkwardly inside a rules-based benchmark — and what a better path forward might look like.

JPX Market Innovation & Research (JPXI) is considering a new rule that would defer companies whose principal asset is cryptoassets from new inclusion in TOPIX and other periodically reviewed indices. The proposal is measured in tone, and the underlying concern — how to treat a newly emerging category of issuer — is a reasonable one for any index provider to think about.

But the specific rule under consultation raises real questions. It would affect companies like Metaplanet, Remixpoint, and ANAP Holdings, along with a…

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