Bitcoin and Ether: Nasdaq Prepares a Major Turn for ETF Options

Nasdaq Wants to Reduce Separate SEC Procedures

Nasdaq’s project also modifies the terminology used for digital products. The term “crypto-asset” would give way to “digital commodity.” This definition is consistent with the logic of rule 5711(d), which connects the value of a digital asset to how a cryptographic system works and to supply and demand dynamics. The text also sets specific conditions for investment funds that can access this regime.

Above all, Nasdaq seeks to reduce the need to obtain separate SEC approval for each product meeting the established criteria. The goal is thus to further standardize the options listing procedure.

This approach could concern multiple digital assets, but only when they meet the provided requirements. The framework also maintains the possibility to include up to 15% of assets not meeting derivative market conditions.

An Uncertain Regulatory Context Still for ETFs

This initiative comes as the American framework remains under construction. The CLARITY Act remains blocked in the Senate, while the SEC is considering a regulatory program dedicated to cryptocurrencies. This situation maintains a waiting period for market participants.

It also gives more weight to precise rules defining products, the relevant assets, and access conditions to derivative markets. The project seeks to reduce uncertainty. According to the provided information, this program could define specific rules for certain cryptocurrency investment contracts.

Institutional interest in Bitcoin remains present in the mentioned data as well. Robert Mitchnick, from BlackRock, considers the decoupling of Bitcoin from stocks a positive signal.

He also sees its resilience during the July pullback, triggered by artificial intelligence, as a favorable element for its diversification and potential hedge role. ETF flows also illustrate this dynamic: over 24 hours, the BlackRock Bitcoin ETF received purchases large enough to offset the cumulative sales of several other major funds.

The project must now follow its regulatory process with the SEC. Its evolution will determine if the proposed criteria become a new benchmark for options linked to crypto ETFs. In the short term, the issue concerns the framework’s ability to harmonize listing conditions while maintaining the expected liquidity and surveillance requirements.