Nasdaq Bitcoin Options Proposed Rule Change Extension

Regulations.gov Final Notices

Published March 20th, 2026

Detected March 26th, 2026

Summary

The SEC has extended the deadline for its decision on Nasdaq's proposed rule change to list and trade Bitcoin Index options. The Commission has designated May 27, 2026, as the new date by which it will approve or disapprove the proposal, citing the need for additional time to consider the issues raised.

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What changed

The Securities and Exchange Commission (SEC) has extended the decision deadline for Nasdaq's proposed rule change to list and trade Bitcoin Index options (File No. SR-PHLX-2025-50). The original 180-day review period, which began on September 29, 2025, would have concluded on March 28, 2026. The SEC has now designated May 27, 2026, as the new deadline, exercising its authority under Section 19(b)(2) of the Exchange Act to allow for a longer review period due to the complexity of the proposal and issues raised by commenters.

This extension signifies that the SEC requires additional time to thoroughly evaluate the implications of listing Bitcoin options, potentially indicating a cautious approach to new cryptocurrency-related financial products. Compliance officers should note that the final decision on this proposal is now delayed, impacting the timeline for potential new trading products. While this is not a compliance deadline for regulated entities, it highlights ongoing regulatory scrutiny of digital asset derivatives and may warrant internal review of risk management and compliance frameworks related to such products.

What to do next

Monitor SEC decision on Nasdaq Bitcoin options proposal by May 27, 2026.
Review internal risk and compliance frameworks for cryptocurrency derivatives.

Source document (simplified)

Content

March 20, 2026. On September 23, 2025, Nasdaq PHLX LLC (“Phlx” or the “Exchange”) filed with the Securities and Exchange Commission (“Commission”
or “SEC”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act” or the “Exchange Act”), (1) and Rule 19b-4 thereunder, (2) a proposal to list and trade Nasdaq Bitcoin Index options. The proposed rule change was published for comment in the
Federal Register
on September 29, 2025. (3) On November 3, 2025, pursuant to Section 19(b)(2) of the Exchange Act, (4) the Commission designated a longer period within which to either approve the proposed rule change, disapprove the proposed
rule change, or institute proceedings to determine whether to disapprove the proposed rule change. (5) On December 23, 2025, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule
change. (6)

Section 19(b)(2) of the Act (7) provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule
change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission
may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60
days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register
on September 29, 2025, (8) and March 28, 2026, is 180 days from that date.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving
the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,
including the issues raised by a commenter. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, (9) designates May 27, 2026, as the date by which the Commission shall either approve or disapprove the proposed rule change (File
No SR-PHLX-2025-50).

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. (10)

Vanessa A. Countryman, Secretary. [FR Doc. 2026-05759 Filed 3-24-26; 8:45 am] BILLING CODE 8011-01-P

Footnotes

(1) 15 U.S.C. 78s(b)(1).

(2) 17 CFR 240.19b-4.

(3) See Securities Exchange Act Release No. 104038 (Sept. 24, 2025), 90 FR 46706 (“Notice”). Comments received regarding the proposed
rule change are available at https://www.sec.gov/comments/sr-phlx-2025-50/srphlx202550.htm.

(4) 15 U.S.C. 78s(b)(2).

(5) See Securities Exchange Act Release No. 104173 (Nov. 3, 2025), 90 FR 51424 (Nov. 17, 2025). The Commission designated December
28, 2025, as the date by which it shall approve, disapprove, or institute proceedings to determine whether to disapprove the
proposed rule change.

(6) See Securities Exchange Act Release No. 104506, 90 FR 61452 (Dec. 31, 2025).

(7) 15 U.S.C. 78s(b)(2).

(8) See Notice, supra note 3.

(9) 15 U.S.C. 78s(b)(2).

(10) 17 CFR 200.30-3(a)(57).