Federal Register #SR-SAPPHIRE-2026-13

SEC Notice: MIAX Sapphire Rule Change for Options on Multi-Crypto Commodity Trusts

This notice concerns a proposed rule change by MIAX Sapphire, LLC, reviewed by the Securities and Exchange Commission (SEC), regarding the listing criteria for options on commodity-based trusts holding multiple crypto assets. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - No OEMs or vendors are mentioned, as this is a regulatory notice, not a procurement opportunity - Products/Services Requested: - No products or services are being procured; the notice addresses regulatory amendments - Key Rule Change Details: - Amends Exchange Rule 402 (Criteria for Underlying Securities) and Rule 403 (Withdrawal of Approval of Underlying Securities) - Establishes new listing and withdrawal standards for options on commodity-based trusts holding multiple crypto assets - Requires each underlying crypto asset to have a minimum average daily market value of $700 million over the past 12 months - Mandates that each crypto asset must underlie a derivatives contract traded on a market with a comprehensive surveillance sharing agreement (directly or via Intermarket Surveillance Group membership) - Aims to facilitate listing and trading of options on these trusts while maintaining market integrity and investor protection - Related Exchanges Referenced: - Nasdaq ISE, LLC - Miami International Securities Exchange, LLC - MIAX Pearl, LLC - MIAX Emerald, LLC - No procurement, delivery, or service requirements are present in this notice

Description

This notice announces a proposed rule change filed by MIAX Sapphire, LLC to amend Exchange Rules 402 and 403. The amendments aim to establish listing criteria and withdrawal standards for options on commodity-based trusts that hold multiple crypto assets. The proposal includes requirements for the underlying crypto assets, such as minimum market value and derivatives trading on markets with surveillance agreements. The rule change is intended to facilitate the listing and trading of options on these trusts while maintaining market integrity and investor protection.

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