Exchange operator CME Group is asking the Securities and Exchange Commission (SEC) to overturn a staff decision that conditionally approved Nasdaq PHLX’s proposal for cash-settled bitcoin index options, arguing that the contracts should fall exclusively under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
In a July 29 order, the SEC granted CME’s petition for review and kept the approval stayed while the full Commission considers the challenge.
Written statements supporting or opposing the approval are due Aug. 24.
The order does not indicate whether the commissioners agree with CME’s arguments.
Nasdaq first announced plans for bitcoin index options with CF Benchmarks in 2024.
