The U.S. Securities and Exchange Commission has frozen Nasdaq Bitcoin options after CME Group asked regulators to overturn a May 22, 2026 staff-level approval, The Block reported August 2, 2026.
In a July 29, 2026 order, the SEC’s full commission agreed to review that decision and kept the approval stayed, with written statements due by August 24, 2026. The dispute over Nasdaq’s proposed QBTC contracts could decide whether options tied directly to bitcoin’s price fall under the CFTC’s jurisdiction instead of the SEC’s.
Why CME Says Bitcoin Options Belong Under CFTC Rules
CME Group’s petition argues that Nasdaq PHLX’s proposed cash-settled bitcoin index options are commodity option swaps, placing them under the Commodity Futures Trading Commission’s exclusive authority rather than the SEC’s.
According to The Block, the contracts would track the CME CF Bitcoin Real Time Index divided by 100, with final settlement based on the CME CF Bitcoin Reference Rate New York Variant.
Nasdaq first pursued the product with CF Benchmarks in 2024, and the SEC’s Division of Trading and Markets approved it through delegated authority on May 22, 2026, though Nasdaq still needs separate CFTC exemptions before the QBTC contracts can trade.
This is not the first clash between the SEC and CFTC over classifying crypto assets, a jurisdictional line the CLARITY Act is meant to settle as it awaits a Senate floor vote.
CME filed formal notice of its challenge on June 11, 2026, and the stay has remained in place since that date, according to CoinDesk. The July 29 order confirmed that the full commission, not SEC staff, will now decide the outcome.
What a CFTC Win Would Mean for Nasdaq’s Timeline
If the SEC sides with CME, Nasdaq’s push into bitcoin derivatives stalls further, since Nasdaq already needs CFTC exemptions before QBTC can trade under any outcome. That leaves CME as the only major U.S. venue offering regulated bitcoin options tied to the asset, a dynamic worth tracking in the rest of the latest crypto news.
The August 24 Comment Deadline
The SEC’s order, published August 3, 2026 in the Federal Register, gives any interested party until August 24, 2026 to file a statement supporting or opposing the original approval. After that window closes, the commission can affirm, modify, or vacate the May decision, though no hearing date has been set beyond the comment period.
What This Means for You
If you were hoping to trade Nasdaq’s cash-settled bitcoin options, that product stays unavailable until the SEC resolves this jurisdictional fight.
The outcome could also shape whether other securities exchanges get to list options on commodities like bitcoin going forward, which matters if you’re tracking regulated ways to gain bitcoin price exposure. Watch the August 24 comment deadline and the commission’s eventual ruling for the next concrete update.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
