SEC Reviews Nasdaq Bitcoin Options Approval Amid CME Objection

The U.S. Securities and Exchange Commission (SEC) has announced that it will review its approval of Nasdaq's cash-settled bitcoin index options after receiving an objection from CME Group.

Nasdaq had received conditional approval in May to list the QBTC options, but CME argued that because bitcoin is a commodity, the SEC has no authority to approve them. Instead, they should fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC).

CME Group warned that the approval could set a precedent for securities exchanges to list derivatives on other commodities and potentially compete with their regulated markets.