The U.S. Securities and Exchange Commission has put its earlier approval of Nasdaq PHLX’s bitcoin index options on hold while it reviews a challenge from CME Group over which regulator should oversee the product. The dispute centers on whether cash-settled bitcoin index options tied directly to bitcoin’s value fall under the SEC or the Commodity Futures Trading Commission. The SEC had conditionally approved the product in May, allowing Nasdaq PHLX to list the contract under the ticker QBTC. CME objected in June, arguing that because bitcoin is treated as a commodity, options directly linked to its value should fall within the CFTC’s exclusive jurisdiction. The SEC accepted CME’s petition for review on July 29 and suspended the approval pending a final decision. The agency is also seeking public comment, with submissions due by Aug. 24. The outcome could determine whether Nasdaq can move forward with QBTC as structured, whether it would need to seek a CFTC-regulated venue for futures or swaps, or whether the contract would need to be redesigned around a security such as a spot bitcoin ETF.

The U.S. Securities and Exchange Commission has frozen approval for Nasdaq to list Bitcoin index options tied to QBTC and will review the decision again. The pause follows a legal challenge filed by CME Group in June, which argues that because Bitcoin is a commodity, options linked to its value should fall under the jurisdiction of the Commodity Futures Trading Commission rather than the SEC. The approval has been stayed since June 11, when CME submitted its notice challenging the action. Interested parties now have until Aug. 24 to file comments supporting or opposing the matter. If CME’s argument prevails, Nasdaq may need to register as a CFTC-regulated futures or swaps venue, or redesign the contract so that it tracks a securities-based product instead.

The U.S. Securities and Exchange Commission has paused its approval of Nasdaq’s cash-settled Bitcoin index options, known as QBTC, and will review the decision again, according to CoinDesk. The agency froze the approval through Aug. 24 and is seeking public comment while the review is underway. Until the commission completes that process, QBTC will remain on hold. The move comes in response to a legal challenge from CME Group, which argued that Bitcoin is a commodity and that options tied to it should fall under the exclusive jurisdiction of the Commodity Futures Trading Commission rather than the SEC. The SEC had conditionally approved the product in May, subject to a CFTC exemption. If CME’s argument is upheld, Nasdaq would need to register as a futures venue overseen by the CFTC or redesign the contract structure.

The U.S. SEC approved Nasdaq's cash-settled Bitcoin index options under ticker QBTC, offering regulated Bitcoin exposure without holding BTC or ETFs. Trading requires additional approvals, including from the CFTC.

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CoinGlass reported that crypto derivatives trading reached $86 trillion in 2025, with daily volume averaging $265 billion. Binance, OKX, and Bybit led the market, while CME further strengthened its role in crypto pricing and institutional risk transfer.

CoinGlass annual report reveals crypto derivatives trading hit $86 trillion in 2025, averaging $265B daily. Binance led with $25.1T, accounting for 30% market share. Market shifted from retail high-leverage to institutional hedging. Open interest grew 17% YoY despite a massive October liquidation event.