The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq's proposal to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange. These options are European-style contracts linked to the Nasdaq Bitcoin Index, which tracks the CME CF Bitcoin Real Time Index. This index is updated every 200 milliseconds based on data from major crypto exchanges. This is reported by Cointelegraph.com reports.
The new contracts are cash-settled, meaning holders receive the difference between the Bitcoin spot price and the strike price upon expiration. Unlike spot Bitcoin ETF options, there is no physical Bitcoin involved, and there is no risk of early assignment. This offers traders an alternative way to bet on cryptocurrency prices. The contracts will trade under the ticker QBTC.
Although the SEC has granted approval, the Commodity Futures Trading Commission (CFTC) must also provide its consent before trading can begin. Since Bitcoin is classified as a commodity, it falls under the jurisdiction of the CFTC. CME Group, which has been offering Bitcoin futures options since 2020, argues that these contracts should remain under CFTC oversight.
The agency, led by SEC Chair Paul Atkins, is moving toward a more crypto-friendly regulatory policy. Atkins has sought to halt several high-profile cases against crypto companies initiated under the previous administration and has called for a clear legal framework that encourages innovation rather than stifling it.
Additionally, the agency is preparing an "innovation exemption" project based on blockchain technology. This is expected to allow public company shares to be traded in tokenized form on decentralized crypto platforms. Such steps could further accelerate the integration of digital assets into the U.S. financial market.
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