SEC approves listing criteria for options on multi-crypto commodity trusts

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SEC approves crypto options rule

Highlights

SEC approved MIAX exchanges' rule changes allowing options trading on multi-crypto commodity trusts that satisfy existing qualifying standards as of June 2026.
Eligible trusts must consist exclusively of crypto assets with at least $700 million average daily market value over 12 months and underlying derivatives on monitored exchanges.
The new rule empowers exchanges to suspend options on trust shares if any constituent crypto drops below the value threshold or loses eligibility, with monthly compliance checks enforced.

Approval expands exchange options framework

As reported by the Securities and Exchange Commission, Miami International Securities Exchange, MIAX PEARL and MIAX Sapphire filed the proposed rule changes on March 30, 2026, and the agency has now approved them after the proposals were published in the Federal Register on April 16, 2026, with no public comments received.

The amended rules allow the exchanges to list and trade options on commodity-based trusts that hold multiple crypto assets without seeking additional Commission approval, provided each asset in the trust satisfies the standards already used for qualifying crypto products. Under those standards, every crypto asset in the trust must have had an average daily market value of at least $700 million over the previous 12 months and must underlie a derivatives contract traded on a market covered by a comprehensive surveillance sharing agreement, either directly or through common membership in the Intermarket Surveillance Group.

The products also must satisfy the exchanges' initial and continued listing standards for options on exchange-traded funds. That includes the requirement that the underlying shares trade on a national securities exchange and qualify as an NMS stock under Regulation NMS.

Investor access and market safeguards

Under proposed Rule 403(g)(3), the exchanges may suspend opening transactions in options on these trust shares if any crypto asset held by the trust falls below the $700 million average daily market value threshold over the last 12 months, or no longer underlies a derivatives contract traded on a market subject to the required surveillance-sharing arrangement. The exchanges say checking the market value threshold monthly is reasonable because an asset that meets the 12-month standard is unlikely to fall out of compliance over a short trading period.

Options on the trusts will trade under the same rule set that applies to other ETF options, including requirements covering expirations, strike prices, minimum increments, position and exercise limits, margin, customer accounts and trading halts. The SEC says the proposal is consistent with the Exchange Act, including provisions aimed at preventing fraud and manipulation, and concludes the change gives investors another tool to gain or hedge exposure to the underlying commodity-based trust shares.

Regulated perpetual crypto futures in the U.S. recently expanded as Coinbase and Kalshi introduced these contracts through domestically regulated exchanges following CFTC approval. Our earlier article highlighted how bringing perpetuals onshore aims to shift activity away from less transparent venues while increasing regulatory scrutiny, given the products’ leverage and risk profile. It also noted Kalshi’s compliance and surveillance buildout as a key factor in addressing concerns around suspicious trading and market integrity.

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