Huo Xing Finance reports, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has suspended its approval decision for Nasdaq’s cash-settled Bitcoin index options (QBTC) and will reconsider the matter in response to a legal challenge filed by the CME Group. The SEC has frozen the approval until August 24 to solicit feedback from all parties. QBTC will remain suspended until the Commission completes its review. The SEC conditionally approved the product for listing in May this year, contingent upon obtaining a waiver from the Commodity Futures Trading Commission (CFTC). In June, CME filed an objection, arguing that Bitcoin is a commodity and that options on it fall exclusively under the CFTC’s jurisdiction, not the SEC’s. If CME’s position is upheld, Nasdaq must either register as a CFTC-regulated futures platform or redesign the contract.
The U.S. SEC Halts Approval of Nasdaq Bitcoin Options Amid Legal Challenge from CME
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Summary
The U.S. SEC has paused approval of Nasdaq’s Bitcoin index options as the CME challenges jurisdiction over crypto derivatives. The SEC will delay its decision until August 24, seeking input from stakeholders. QBTC will remain in limbo during the review. The conditional approval granted in May required a CFTC exemption, prompting the CME to argue that Bitcoin is a commodity under the CFTC’s jurisdiction. The timeline for Bitcoin ETF approval has become increasingly uncertain as regulatory bodies clash. Reports also highlight the impact of CFT (Countering the Financing of Terrorism) regulations on related financial products.
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