The SEC issued an order granting CME’s petition for review of the Nasdaq PHLX bitcoin options approval and scheduling further filings in the matter, according to the notice published in the Federal Register . For related coverage, see Subversive Bitcoin SPAC Files With SEC to Go Public .
The U.S. Securities and Exchange Commission has granted a petition from CME to review the approval of Nasdaq’s bitcoin options, and it kept that approval stayed while the review proceeds, leaving the launch timeline for the product in limbo.
The SEC issued an order granting CME’s petition for review of the Nasdaq PHLX bitcoin options approval and scheduling further filings in the matter, according to the notice published in the Federal Register. For related coverage, see Subversive Bitcoin SPAC Files With SEC to Go Public.
Granting a review is not the same as reversing the approval. The Commission is reopening the question for its own consideration, not rejecting the product outright. For related coverage, see Bank of Thailand Reviews High-Value USDT Transactions Amid AML Push.
Alongside the review, the SEC kept the underlying approval decision stayed. A stay means the approval does not take effect and the product cannot proceed while the matter is pending, as reported by The Block.
WHAT TO KNOW
CME formally petitioned the SEC to review the approval, and the Commission’s order names CME’s petition as the trigger for the review, per the SEC’s filing.
The dispute centers on the approval of bitcoin options tied to Nasdaq’s proposal. Under SEC procedure, an interested party can petition for review of a self-regulatory organization’s rule change, which is the mechanism CME used here.
The brief does not detail CME’s specific legal arguments, so the petition itself, rather than any stated motive, is the confirmed basis of the challenge. The episode reflects friction between exchange competition and oversight of crypto derivatives, a pattern also visible as regulators weigh other listings such as the Nasdaq filing for the 21Shares Sui ETF.
A stayed approval delays certainty around when the product can proceed, keeping the launch date open-ended until the SEC completes its review.
The pause affects the timeline for Nasdaq’s options rather than spot bitcoin trading itself, so the immediate impact falls on derivatives access rather than the underlying market. It echoes other timing questions the agency is working through, including its decision to delay review of BlackRock’s bitcoin premium income ETF and its ongoing look at physical redemption for crypto ETFs.
How the Commission resolves the petition could shape how similar crypto options products are handled going forward. For now, the review is ongoing, not final, and the approval stays on hold until the SEC rules.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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