# 2025-04352: Nasdaq Bitcoin Index Options Trading Delayed by SEC Review

2025-04352, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Nasdaq Bitcoin Index Options, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective designates May 25, 2025 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-Phlx-2025-08). (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04352
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04352
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Nasdaq Bitcoin Index Options
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12588
- Published: 2025-03-18
- Effective: designates May 25, 2025 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-Phlx-2025-08).
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq Bitcoin Index Options Trading Delayed by SEC Review

## Summary

Nasdaq PHLX wants to start trading options based on the Nasdaq Bitcoin Index, but the SEC needs more time to decide if it’s a good idea. Instead of deciding by April 10, 2025, the SEC pushed the deadline to May 25, 2025. This affects investors interested in Bitcoin options and could open new ways to trade cryptocurrency-related products.

## Effects PRIA read

- SEC Delays Decision to May 25, 2025: cost, low. The SEC extended its review of Nasdaq PHLX's proposed Nasdaq Bitcoin Index Options. Instead of deciding by April 10, 2025, the Commission set May 25, 2025 as the new date to approve, disapprove, or institute proceedings on the proposal.
- Proposal to List Bitcoin Index Options: benefit, medium. Nasdaq PHLX filed a proposed rule change on February 4, 2025 (published February 24, 2025) to introduce a new index options product called Nasdaq Bitcoin Index Options. If approved, this would create a new way to trade options tied to the Nasdaq Bitcoin Index and expand cryptocurrency-related tradi…

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## Sources
- [2025-04352 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04352/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-designation-of-a-longer-period-for)
- [2025-04352 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04352.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2025-04352 (as of 2026-06-08).