Federal Register #SR-PEARL-2026-15

SEC Proposed Rule Change for Options on Multi-Asset Crypto Trusts

This notice concerns a proposed regulatory change by the Securities and Exchange Commission (SEC) regarding options trading on Commodity-Based Trusts holding multiple crypto assets. - Government Buyer: - Securities and Exchange Commission (SEC) - MIAX PEARL, LLC (self-regulatory organization and exchange) is the filer of the proposed rule change - Products/Services Requested: - No products or services are being procured; this is a regulatory rule change - Key Details of the Proposed Rule Change: - Amends Exchange Rule 402 (Criteria for Underlying Securities) and Rule 403 (Withdrawal of Approval of Underlying Securities) - Expands listing criteria to allow options on Commodity-Based Trusts holding multiple crypto assets (previously limited to single-asset trusts) - Each underlying crypto asset must have a minimum average daily market value of $700 million over the last 12 months - Each asset must underlie a derivatives contract traded on a market with a comprehensive surveillance sharing agreement with the Exchange - Aims to facilitate listing and trading of options on these trusts while maintaining market integrity and investor protection - OEMs and Vendors: - No OEMs or vendors are mentioned, as this is not a procurement opportunity - Unique/Notable Requirements: - Focus on regulatory standards for multi-asset crypto trusts - Emphasis on market value thresholds and surveillance agreements for underlying assets

Description

MIAX PEARL, LLC has filed a proposed rule change with the Securities and Exchange Commission to amend Exchange Rules 402 and 403. The amendments establish listing criteria and withdrawal standards for options on Commodity-Based Trusts that hold multiple crypto assets, expanding from the current allowance for trusts holding a single crypto asset. The proposal includes requirements such as minimum average daily market value for each crypto asset and surveillance sharing agreements with markets trading derivatives on those assets. The rule change aims to facilitate the listing and trading of options on these trusts while maintaining market integrity and investor protection.

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