Bullish Shift as SEC Allows Nasdaq Bitcoin ETF Options to Operate at Scale

The notice explains that the proposed rule change qualified for immediate effectiveness under applicable Commission standards, including findings related to investor protection, competition, and timing requirements. Based on that determination, the SEC concluded:

“The proposed rule change has become effective.”

In its discussion of Commission action, the notice explains that Nasdaq requested a waiver of the standard 30-day operative delay so the rule change could take effect immediately. The exchange argued that accelerated implementation would allow the affected crypto-related options to be treated in the same manner as other qualifying commodity-based trust options and would not raise new regulatory concerns. After reviewing the request, the Commission determined that waiving the delay was consistent with investor protection and the public interest, and therefore designated the proposal operative upon filing. The notice states:

“The Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.”

At the same time, the notice clarifies that the Commission retains oversight authority following the rule’s effectiveness. It explains that the SEC may temporarily suspend the rule change within 60 days of filing if it determines such action is necessary in the public interest, for the protection of investors, or to further the purposes of the Securities Exchange Act, and would institute proceedings to determine whether the proposal should be approved or disapproved. The notice also states that the Commission is soliciting public comments and invites interested persons to submit written data, views, and arguments on the proposed rule change, even though it is already operative.