SEC Freezes Nasdaq Bitcoin Options Amid CME Review Request

The US Securities and Exchange Commission (SEC) has put Nasdaq's Bitcoin options on hold after CME Group requested a review of the SEC's May 22, 2026 staff-level approval. The decision was made by the full commission in a July 29 order, which also stayed the original approval until August 24, 2026.

CME argues that Nasdaq PHLX's proposed cash-settled Bitcoin index options are commodity option swaps and fall under the Commodity Futures Trading Commission (CFTC) jurisdiction rather than the SEC's. This dispute could determine whether options tied directly to Bitcoin's price will be regulated by the CFTC or the SEC.

Nasdaq first pursued the product with CF Benchmarks in 2024, but still needs separate CFTC exemptions before the QBTC contracts can trade. The outcome of this review is expected to have significant implications for Nasdaq's push into Bitcoin derivatives and may shape whether other securities exchanges get to list options on commodities like Bitcoin.