SEC Approves Cboe Rules for Multi-Crypto Options Listings
The US Securities and Exchange Commission has made a Cboe BZX Exchange rule change effective, establishing general listing criteria for options on commodity-based trusts that hold multiple crypto assets.
In an October 13 notice, the SEC confirmed that the proposal — filed by Cboe BZX on September 29 as a noncontroversial change under Rule 19b-4(f)(6) — is now operative. The SEC waived the standard 30-day operative delay, so the rule took effect upon filing. The regulator retains the power to suspend the change within 60 days if investor protection requires it, and public comments are due 21 days after the notice appears in the Federal Register. The amendments also modernize the exchange’s rules covering options on qualifying exchange-traded funds.
What the new criteria require
Under the framework, each crypto asset held by a qualifying trust must have an average daily global market value of at least $700 million over the previous 12 months. In addition, every underlying asset must have a derivatives contract trading on a market covered by a comprehensive surveillance-sharing agreement with the exchange.
The changes replace product-specific references in Cboe’s rulebook with general eligibility standards — a shift from one-off approvals toward a repeatable process. Cboe will run monthly reviews to check that each asset still clears the $700 million market-value test, and losing the required surveillance arrangement would also prompt the exchange to consider halting new opening trades.
What it does not do
Importantly, the SEC’s action does not approve any specific crypto fund, nor does it guarantee that options on a particular multi-asset product will actually list. It simply sets the bar that future products must clear.
Still, the move fits a broader pattern: with Congress stalled on digital-asset market structure legislation, US regulators are using existing authority to build out crypto market infrastructure piece by piece. For traders, standardized options on diversified crypto trusts would eventually offer a new way to hedge or gain exposure to baskets of digital assets without juggling multiple positions.
Source: Crypto Times