Key Highlights
- The U.S. Securities and Exchange Commission (SEC) made Cboe BZX Exchange’s rule change effective, establishing general listing criteria for options on commodity-based trusts holding multiple crypto assets.
- Each crypto asset held by a qualifying trust must have an average daily global market value of at least $700 million over the previous 12 months.
- Each underlying asset must have a derivatives contract traded on a market covered by a comprehensive surveillance-sharing agreement with the exchange.
The U.S. Securities and Exchange Commission (SEC) has made a Cboe BZX Exchange rule change effective, establishing general listing and continued listing criteria for options on commodity-based trusts holding multiple crypto assets.
In an October 13 notice, the SEC said Cboe BZX filed the proposal on September 29 under the Securities Exchange Act of 1934. The amendments also update the exchange’s rules for options on qualifying exchange-traded funds (ETFs).
The changes replace certain product-specific references in the exchange’s rulebook with general eligibility criteria. They do not approve a specific crypto fund or guarantee that options on any particular product will be listed.
SEC waives 30-day delay for rule change
Cboe BZX filed the proposal as a non-controversial rule change under Section 19(b)(3)(A) of the Securities Exchange Act and Rule 19b-4(f)(6).
Such changes generally do not become operative until 30 days after filing. Cboe BZX asked the SEC to waive that delay, arguing that the proposal largely adopts standards already approved for another exchange and does not raise novel legal or regulatory issues.
The SEC agreed, finding that the waiver was consistent with investor protection and the public interest. The rule change therefore became operative upon filing.
The SEC retains the authority to temporarily suspend the change within 60 days of filing if it determines that suspension is necessary or appropriate in the public interest, for investor protection or to further the purposes of the Act.
Multi-Crypto trusts must meet two listing conditions
Under amended Rule 19.3, Cboe BZX can list options on commodity-based trusts holding multiple crypto assets if each underlying asset meets two conditions.
First, each asset must have an average daily global market value of at least $700 million over the previous 12 months.
Second, each asset must underlie a derivatives contract traded on a market with which the exchange has a comprehensive surveillance-sharing agreement. The surveillance-sharing requirement can be met directly or through common membership in the Intermarket Surveillance Group (ISG).
According to Cboe BZX, the criteria establish minimum market-value and surveillance requirements for assets underlying the options.
The $700 million threshold applies to each crypto asset held by a qualifying trust, not to the combined value of the trust’s portfolio.
Continued listing rules address changes in eligibility
The filing also amends Rule 19.4 to establish continued listing standards for options on multi-crypto-asset trusts.
Under the new provision, Cboe BZX must consider suspending opening transactions in an options series if the underlying assets no longer meet the market-value criteria, which the exchange assesses monthly, or if the required surveillance-sharing arrangements are no longer in place.
These provisions address what happens after an options product has been listed if its underlying assets no longer meet the exchange’s eligibility requirements.
SEC rule change also covers qualifying ETFs
Cboe BZX is updating Rule 19.3(i)(1) to permit options on ETFs that meet the requirements of Rule 6c-11 under the Investment Company Act of 1940.
The SEC adopted Rule 6c-11 in 2019 to allow qualifying ETFs to operate without obtaining an individual exemptive order, provided they meet specified conditions, including portfolio-transparency requirements.
Cboe BZX argued that portfolio transparency could help address manipulation risks by allowing investors to review the holdings used to calculate an ETF’s net asset value. The exchange said the framework supports listing options on qualifying ETF shares.
Cboe removes product-specific crypto ETP references
Cboe BZX is removing individual product-specific references to certain crypto exchange-traded products from Rule 19.3.
Under the revised framework, qualifying products would instead be assessed against the general listing criteria for multi-crypto-asset trusts. The exchange is also updating numbering and cross-references across Rules 19.3 and 19.4 to reflect the amendments.
Cboe BZX said the changes align its rules with standards already approved for Cboe Options. The exchange also said the proposal is consistent with Section 6(b)(5) of the Securities Exchange Act, which addresses fair and orderly markets, the prevention of fraudulent and manipulative practices and investor protection.
Cboe BZX said it had neither solicited nor received comments on the proposal before filing it.
Earlier Cboe BZX filings covered XRP and leveraged crypto ETFs
The latest rule change follows earlier Cboe BZX filings involving different types of crypto-related exchange-traded products.
In August 2026, Cboe BZX filed with the SEC to list 3x Bitcoin and Ether ETFs. The proposed funds were designed to target three times the daily performance of Bitcoin and Ether using CME futures rather than holding the cryptocurrencies directly.
Earlier filings also covered a spot XRP ETF. Those proposals involved specific investment products, while the current rule change establishes general eligibility standards for options on qualifying multi-crypto trusts and ETFs. It does not approve a particular fund or guarantee that a product will be listed.
SEC invites public comments
The SEC is inviting public comments on whether the rule change is consistent with the Securities Exchange Act.
Comments can be submitted through the SEC’s online comment system or by email to rule-comments@sec.gov. Submissions should include the file number SR-CboeBZX-2026-082.
Also Read: CFTC Moves to Build a New Regulatory Framework for Crypto Markets
