Bureaucrats Fine-Tune Fees for Crypto Timestamp Shenanigans
Published Date: 8/8/2025
Notice
Summary
Starting July 25, 2025, Cboe BZX Exchange is changing its fees so that Sponsored Participants can buy Timestamping Service reports directly. This means more folks involved in trading can get these important time-stamped order details without extra hoops. The change makes access easier and keeps the fee setup fair and clear for everyone involved.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Monthly Fees and Port-Based Tiers Stay in Place
The Cancels Report continues to be charged a monthly flat fee of $1,000. The Missed Liquidity Report remains tiered by subscribing Ports at $1,500 for 1–10 Ports, $2,000 for 11–20 Ports, and $2,500 for 21 or more Ports; mid-month subscriptions are prorated and fees are assessed on a look-back basis based on the maximum number of subscribing Ports in the prior calendar month.
Sponsored Participants Can Buy Reports Directly
Starting July 25, 2025, Sponsored Participants may subscribe to and be billed directly by Cboe for the Cboe Timestamping Service reports (the Missed Liquidity Report and the Cancels Report). The same fees that apply to Members will apply to Sponsored Participants if they choose to subscribe.
Reports Are Historical, Firm-Only, T+1 Data
The Missed Liquidity and Cancels reports contain historical data from the prior trading day and are generally available on a T+1 basis. Each report includes only the subscribing (recipient) firm's activity and does not include real-time market data or information about other firms.
Faster Access for Sponsored Participants
Previously, Sponsoring Members had to filter larger reports to provide each Sponsored Participant's activity, which could delay delivery. Allowing Sponsored Participants to subscribe directly permits them to request and receive their own information without that intermediate filtering step.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-15073, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees for Cboe Timestamping Service Reports To Allow Sponsored Participants To Purchase These Reports Directly
Starting July 25, 2025, Cboe BYX Exchange is changing its fees so that Sponsored Participants can buy Cboe Timestamping Service reports directly. This means more folks involved in trading can get important timing info on orders without going through others. The change makes access easier and keeps the fee setup fair and clear.
Next: 2025-15075, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 19.3
Cboe EDGX Exchange is updating its rules to let traders buy and sell options on shares of the VanEck Bitcoin ETF, a popular Bitcoin fund traded on national exchanges. This change affects anyone trading options on the EDGX platform and takes effect immediately, opening new ways to invest in Bitcoin through options. No extra fees or delays are expected, just more choices for investors starting now!