Federal Register #SRISE2025 30

SEC Approves Nasdaq ISE Rule Change for Options on Multi-Asset Crypto Trusts

This opportunity involves a regulatory approval by the Securities and Exchange Commission (SEC) for Nasdaq ISE, LLC to list options on commodity-based trusts holding multiple crypto assets. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Nasdaq ISE, LLC (exchange platform; no other OEMs or vendors specified) - Products/Services Requested: - Approval for listing and trading options on commodity-based trusts that hold multiple crypto assets - No specific part numbers or quantities, as this is a regulatory rule change - Unique or Notable Requirements: - Each crypto asset in the trust must have an average daily market value of at least $700 million over the past 12 months - Each asset must underlie a derivatives contract traded on a market with a comprehensive surveillance sharing agreement with Nasdaq ISE - Rule change includes initial and continued listing standards, surveillance procedures, and trading rules consistent with ETF options - Provides investors with new vehicles for exposure and hedging related to crypto asset-based trusts

Description

The Securities and Exchange Commission (SEC) has approved a proposed rule change by Nasdaq ISE, LLC to adopt listing criteria for options on commodity-based trusts holding multiple crypto assets. The rule change allows the exchange to list and trade options on these trusts without additional SEC approval, provided each crypto asset meets specific market value and derivatives trading requirements. The proposal includes initial and continued listing standards, surveillance procedures, and trading rules consistent with existing ETF options. This approval aims to provide investors with additional vehicles for exposure and hedging related to crypto asset-based trusts.

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