SEC halts Nasdaq bitcoin options approval pending CME review, as CME argues the contracts fall under CFTC jurisdiction rather than SEC oversight.
DeFi & Yields ·
The SEC has paused its approval process for bitcoin options proposed by Nasdaq, following a request from the CME for agency review. The CME contends that the contracts should be classified as commodity option swaps, placing them under exclusive CFTC jurisdiction rather than SEC authority.
The disagreement centers on regulatory classification. If the CME's position prevails, oversight of the Nasdaq contracts would transfer to the Commodity Futures Trading Commission, a shift that could reshape the approval timeline and conditions for the product's launch.
The outcome remains uncertain as the agencies work through the jurisdictional question. No timeline has been specified for resolution, and it is unclear whether the SEC will ultimately approve the contracts, defer to CFTC determination, or require additional modifications before proceeding.