ChainThink reports that on August 2, according to CoinDesk, the U.S. SEC has suspended approval of the Nasdaq cash-settled Bitcoin index option QBTC and is reconsidering the decision following a legal objection raised by CME Group; the related order was made public on July 31.
In May this year, the SEC conditionally approved the listing of QBTC on the Nasdaq PHLX, but the product still requires a CFTC exemption before launch.
In June, the CME Group filed an objection, arguing that bitcoin is a commodity and that options directly tied to its value should be under the exclusive jurisdiction of the CFTC, not the SEC.
If CME's position is upheld, the SEC will not have the authority to approve QBTC; Nasdaq would need to register under the CFTC framework as a regulated futures or swap trading venue, or redesign the contract to track securities-like assets such as a spot Bitcoin ETF.
This order maintains the approved freeze status and grants relevant parties until August 24 to submit supporting or opposing comments. The suspension has been in effect since CME filed its notice of objection on June 11.