Nasdaq ISE just asked the SEC for permission to stop asking the SEC for permission. The exchange submitted a rule change on July 28 that would let it list options on crypto-backed ETFs using standardized criteria, bypassing the current process that requires a separate regulatory approval for each new product.
The filing, tagged SR-ISE-2026-42, would create a framework for options on “commodity-based trust shares that incorporate digital commodities.” If a crypto ETF meets specific benchmarks, its options can go live without a bespoke SEC blessing.
What the thresholds actually look like
Qualifying trusts would need to maintain at least $700 million in average daily global market value for each digital commodity they hold.
There’s also a surveillance requirement. Derivatives tied to the trust’s holdings must trade on a market surveilled by an Intermarket Surveillance Group (ISG) member, covering at least 85% of the trust’s net asset value. The remaining 15% gets a partial exemption, meaning assets without comprehensive surveillance agreements aren’t an automatic disqualifier as long as they stay a minority of the portfolio.
