The US Securities and Exchange Commission (SEC) has implemented another significant regulation targeting the cryptocurrency market.
The institution approved new listing criteria for options trading on commodity-based trusts (CBPs) containing multiple crypto assets, as offered by Nasdaq. With this official decision, the option listing framework, which previously applied only to structures containing a single crypto asset, has been expanded.
The regulatory process began with Nasdaq’s filing on September 26, 2025, after which the proposal was published in the Federal Register and opened to public comment. During this process, two separate amendments (Amendment No. 1 and No. 2) were submitted, but no public comments were received by the SEC. Ultimately, the Commission decided to approve the regulation in its revised form.
Under the new regulations, Nasdaq can now list options on trusts holding multiple crypto assets without requiring additional SEC approval. However, each crypto asset in this structure must meet certain criteria. Specifically, the assets must have an average daily market capitalization of at least $700 million over the past 12 months, and must also be underlying derivative products traded on a market with which the exchange has a custody-sharing agreement.
The regulation also states that these products will be subject to the general listing and trading rules applicable to exchange-traded funds (ETFs). This includes the requirement that the trust shares be traded on a national securities exchange, have “NMS stock” status, and have sufficient liquidity and investor base.
On the other hand, the new criteria cover not only the initial listing phase but also ongoing eligibility requirements. Accordingly, if the market capitalization of any crypto asset within the trust falls below a specified threshold, or if the custody-sharing agreement with the underlying derivatives market for that asset terminates, option trading may be suspended.
*This is not investment advice.
