RESOLVING THE LEDGER
This is one outlet's own report from CoinDesk — the article as it was filed. Other outlets are covering the same event; open the full story to compare every source side by side.
See the full story · 2 sources
Back in May, the SEC granted Nasdaq PHLX conditional approval to list cash-settled bitcoin index options under the ticker QBTC. The product still required exemptions from the Commodity Futures Trading Commission (CFTC) before it could launch.
CME Group challenged the approval in June , arguing that bitcoin is a commodity and, as such, options tied directly to its value fall under the CFTC’s exclusive jurisdiction rather than the SEC’s.
If the CME is right, the SEC would have no authority to approve QBTC, and Nasdaq would need to register as a CFTC-regulated futures or swaps venue, or redesign the contracts to track a security such as a spot bitcoin exchange-traded fund.
The CME already operates regulated bitcoin futures and options markets, while Nasdaq’s QBTC would compete for the same trading activity without Nasdaq registering under the CFTC framework that governs the CME.
The petition also warned that the approval could set a precedent allowing securities exchanges to list derivatives on other commodities. Nasdaq’s proposed contracts would use CME CF benchmarks for both their underlying index and final settlement price.
The order keeps the approval frozen and gives interested parties until Aug. 24 to submit statements supporting or opposing it. The stay has been in place since CME filed notice of its challenge on June 11.
The SEC’s May approval envisioned the CFTC granting exemptions, which would allow Nasdaq and the Options Clearing Corporation to offer the product through the securities market. The CME argued that the agencies cannot use exemptions to transfer a product from one regulator to another.
QBTC will remain suspended while the full commission reviews the earlier approval.
1 Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market 1 hour ago 2 Trump Media’s bitcoin stash may be down to loan collateral after $165 million BTC move 2 hours ago 3 Michael Saylor’s Strategy is now tracking bitcoin’s 200-week moving average 3 hours ago 4 Counting down the days: State of Crypto 13 hours ago 5 Why a DeFi platform ditched its consumer app to become the secret backend for tech giants 15 hours ago 6 The future of crypto payments won't include on-ramps or bridges, Fun CEO says 16 hours ago 7 The reverse bridge: Crypto meets Wall Street using perps 19 hours ago 8 Unlike the FTX collapse, the $89 million Coldcard exploit has investors sending bitcoin back to exchanges 20 hours ago 9 Strategy holds STRC dividend at 12% Aug 1, 2026 10 Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89 million Aug 1, 2026 Latest Research The Evolution of the Crypto CEX Landscape: A Case Study on Binance The Evolution of the Crypto CEX Landscape: A Case Study on Binance Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
AIPROPX is an independent multi-source news index — we track, compare, and connect coverage from across the web into one place you won't find anywhere else.