# 2025-20686: BOX Exchange Crafts New Rules for Crypto Trust Options

2025-20686, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 5020 (Criteria for Underlying Securities) To Adopt Listing Criteria for Options on Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-11-24, effective 2025-11-14 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-20686
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-20686
- Title: Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 5020 (Criteria for Underlying Securities) To Adopt Listing Criteria for Options on Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 53029
- Published: 2025-11-24
- Effective: 2025-11-14
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

BOX Exchange Crafts New Rules for Crypto Trust Options

## Summary

BOX Exchange is updating its rules to allow options trading on Commodity-Based Trust Shares, like those holding crypto assets. They’re adding new rules to make sure these trusts meet extra safety checks, including sharing info to prevent fraud. This change is effective immediately, so traders and investors can expect new opportunities and protections right away.

## Effects PRIA read

- Options Allowed on Crypto Trust Shares: benefit, medium. BOX may list and trade options on Commodity-Based Trust Shares that meet the generic listing criteria of the trust's primary U.S. equities listing market and that hold only a single crypto asset. This change permits market participants to trade and hedge positions in qualifying crypto-asset trusts…
- Liquidity Cutoff: $700M Token Market Value: mixed, medium. To qualify for options listing, a Commodity-Based Trust's underlying crypto asset must have a total global supply with an average daily market value of at least $700 million over the last 12 months. The Exchange will calculate market value as total global supply multiplied by token price (total sup…
- Derivatives Market Surveillance Requirement: benefit, medium. A qualifying Commodity-Based Trust must hold a crypto asset that underlies a derivatives contract trading on a market with which BOX has a comprehensive surveillance sharing agreement, directly or through common ISG membership. The filing notes BOX currently has such arrangements (through ISG) with…
- Rule Change Effective Immediately: benefit, low. The Exchange filed the proposed rule change on November 14, 2025, and the SEC waived the usual 30-day operative delay, designating the proposal operative upon filing. That means BOX can immediately list and trade qualifying options under the amended Rule 5020 without waiting 30 days for the rule to…
- Revert and List Specific ETF Trusts: benefit, low. BOX is reverting Rule 5020(h)(iv) to previous text that explicitly lists specific trusts (for example, SPDR Gold Trust, iShares COMEX Gold Trust, iShares Bitcoin Trust, Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, Fidelity Ethereum Fund, and others). Those named trusts are carried forward in the r…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-20686 on federalregister.gov](https://www.federalregister.gov/documents/2025/11/24/2025-20686/self-regulatory-organizations-box-exchange-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-20686 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-11-24/pdf/2025-20686.pdf)

## Related
- [Previous: 2025-20685, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-20685)
- [Next: 2025-20687, Willow Tree Capital Corporation, et al.](https://policyrisk.com/federal-register/2025-20687)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-20686 (as of 2026-06-08).