The crypto derivatives market could reach a new regulatory milestone. Nasdaq has sent a proposal to the Securities and Exchange Commission aimed at more simply regulating the listing of options linked to crypto ETFs. The text mainly seeks to set common criteria for funds exposed to digital commodities. Bitcoin, Ether, Solana and XRP could fall within this framework if they meet the stipulated conditions. This approach comes as American regulations continue to evolve.
In brief
- Nasdaq offers standardized criteria for listing options related to crypto ETFs.
- The draft requires that at least 85% of the net asset value be based on derivatives-eligible assets.
- A tolerance of 15% would make it possible to include certain assets that do not meet the criteria for derivative markets.
- Bitcoin, Ether, Solana and XRP could be affected if they meet the conditions set.
Nasdaq offers common framework for options
The proposal filed by Nasdaq with the Securities and Exchange Commission (SEC) is number SR-ISE-2026-42. It aims to modify the rules applicable to options on certain investment funds linked to digital commodities.
THE text provides in particular that at least 85% of the net asset value of a fund is based on assets underlying derivative contracts. These contracts must be traded on markets with comprehensive monitoring and data sharing agreements. This condition can also go through the Intermarket Surveillance Group.
At the same time, Nasdaq provides a margin of tolerance of 15% for certain assets. This portion of the fund could include digital commodities that do not meet the requirements of the derivatives market.
However, this flexibility does not remove the liquidity criteria applicable to each underlying asset. Each affected digital commodity must have an average daily global market value of at least $700 million over twelve months. The system thus seeks to define a common basis for eligible products.
Nasdaq wants to reduce separate SEC proceedings
Nasdaq’s plan also changes the terminology used for digital products. The term “crypto-asset” would give way to that of “digital raw material”. This definition is consistent with Rule 5711(d), which links the value of a digital asset to the programmatic operation of a cryptographic system and the dynamics of supply and demand. The text also sets precise conditions for investment funds that can access this regime.
Importantly, Nasdaq seeks to reduce the need to obtain separate SEC approval for each product meeting established criteria. The objective is therefore to further standardize the option listing procedure.
This approach could apply to multiple digital assets, but only when they meet the intended requirements. The framework also maintains the possibility of integrating up to 15% of assets that do not meet derivatives market conditions.
A regulatory context still uncertain for ETFs
This initiative comes while the American framework remains under construction. The CLARITY Act remains stalled in the Senate, while the SEC considers a regulatory agenda dedicated to cryptocurrencies. This situation maintains a waiting period for market participants.
It also gives greater importance to the precise rules defining the products, the assets concerned and the conditions of access to derivatives markets. The project seeks to reduce uncertainty. Depending on the information provided, this program could define specific rules for certain cryptocurrency investment contracts.
Institutional interest in Bitcoin also remains present in the mentioned data. Robert Mitchnick of BlackRock believes that the decoupling of Bitcoin from stocks is a positive signal.
He also considers its resistance during the July downturn, caused by artificial intelligence, as an element favorable to its role of diversification and potential hedging. ETF flows also illustrate this dynamic: over 24 hours, theBlackRock Bitcoin ETF Received Buys substantial enough to offset the cumulative sales of several other large funds.
The project will now have to follow its regulatory process with the SEC. Its evolution will make it possible to determine whether the proposed criteria become a new reference for options linked to crypto ETFs. In the short term, the issue therefore concerns the capacity of the framework to harmonize listing conditions while maintaining the planned liquidity and supervision requirements.
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