SEC grants review of the Nasdaq PHLX bitcoin index options approval

What changed

The Commission granted a petition for review of the order, issued on an accelerated basis by delegated authority and modified by Amendment No. 1, approving Nasdaq PHLX’s proposal to list and trade Nasdaq Bitcoin Index Options, and scheduled the filing of statements in support or opposition. The order was published August 3, 2026. The delegated approval is now before the full Commission, which ordinarily stays its effect pending decision; this is not a merits ruling. The underlying approval had been published May 28, 2026.

Who it affects

• Exchanges and market makers preparing to list or quote the bitcoin index options
• Advisers evaluating listed bitcoin index options for client hedging or exposure

What is still open

• Whether the Commission affirms, modifies, or sets aside the approval, and on what timeline

What it means for an advisor

• Treat the product’s availability as unsettled until the Commission acts; note the review in any due diligence on listed crypto derivatives