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The Securities and Exchange Commission has kept Nasdaq's bitcoin options on hold while approving a separate review for the Chicago Mercantile Exchange over contracts in the same asset class.
CME is arguing the products are commodity option swaps subject exclusively to Commodity Futures Trading Commission oversight, a stance that would remove the SEC from any regulatory role over them.
What CME is arguing CME's case centers on classification. Commodity option swaps fall under the Commodity Exchange Act and CFTC authority. If CME's contracts fit that definition, the SEC has no jurisdictional foothold.
The exchange is telling regulators its bitcoin options belong in a statutory category that the SEC does not govern. That distinction carries practical weight.
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