SEC Bitcoin Options Review Keeps Nasdaq Plan on Hold
The SEC granted CME’s petition to review Nasdaq’s Bitcoin options approval, keeping the proposal stayed as written submissions remain open until August 24.
- The SEC granted CME’s petition to review Nasdaq’s Bitcoin options approval.
- Nasdaq PHLX’s approved Bitcoin index options remain stayed during the review.
- Written statements supporting or opposing the approval are due by August 24.
The U.S. Securities and Exchange Commission has granted CME Group’s petition for review of its earlier approval allowing Nasdaq PHLX to list and trade cash-settled Bitcoin index options.
The decision means the full Commission will reconsider the approval rather than allowing the proposed product to move forward immediately. The SEC has also kept the approval stayed, preventing Nasdaq PHLX from launching the options while the review is underway.
The review focuses on Nasdaq’s planned Bitcoin index options, which received accelerated approval in May. CME later challenged the decision and requested that the Commission examine the regulatory and jurisdictional questions surrounding the product.
Nasdaq Bitcoin Options Remain Paused
The stay means Nasdaq’s Bitcoin index options cannot begin trading until the SEC completes its review or takes further action.
CME’s challenge centers on the treatment of Bitcoin-based derivatives and the regulatory roles of the SEC and Commodity Futures Trading Commission. The proposed options are tied to Bitcoin pricing benchmarks associated with CME CF reference rates, adding another layer to the dispute between the two regulated market operators.
The SEC’s decision does not represent a final rejection of Nasdaq’s proposal. Instead, it gives commissioners additional time to review the approval and consider arguments from CME, Nasdaq, and other interested parties.
SEC Bitcoin Options Review Opens Comment Window
The Commission has invited interested parties to submit written statements supporting or opposing the approval. Those submissions are due by August 24, creating an opportunity for market participants to address competition, investor protection, jurisdiction, and market oversight.
The outcome could influence how future cryptocurrency derivatives are listed across U.S. securities and commodities markets. Until the SEC issues another decision, Nasdaq’s Bitcoin options approval will remain on hold.
