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SEC Delays Nasdaq Bitcoin Index Options After CME Challenge
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The US Securities and Exchange Commission the launch of Nasdaq PHLX’s proposed Bitcoin index options after agreeing to conduct a full Commission review of the product.
Nasdaq Bitcoin Options Remain Unable to LaunchNasdaq PHLX proposed cash-settled, European-style Bitcoin options under the ticker QBTC.
Unlike options linked to shares of spot Bitcoin exchange-traded funds, QBTC would directly reference an index tracking the price of Bitcoin.
CME Says Bitcoin Options Fall Under CFTC AuthorityCME argues that Bitcoin is a non-security commodity and that options directly linked to Bitcoin’s value should be classified as commodity option swaps.
Until the SEC completes its review and issues another order, Nasdaq PHLX will not be able to launch its proposed Bitcoin index options.