# 2026-01381: Nasdaq PHLX Frees Crypto ETF Options from Trading Chains

2026-01381, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Restrictions on Certain Crypto Assets, is a Federal Register notice from Securities and Exchange Commission published 2026-01-26, effective 2026-01-07 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2026-01381
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-01381
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Restrictions on Certain Crypto Assets
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 3265
- Published: 2026-01-26
- Effective: 2026-01-07
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq PHLX Frees Crypto ETF Options from Trading Chains

## Summary

Nasdaq PHLX is removing old limits on trading options tied to popular crypto ETFs like Bitcoin and Ethereum funds. This change lets traders buy and sell more freely, starting right away, making the market more flexible and exciting. If you trade these crypto options, get ready for bigger moves and new opportunities without the old restrictions!

## Effects PRIA read

- Remove 25,000-Contract Limits: benefit, medium. The Exchange proposes to remove the 25,000 contract position and exercise limits that had applied to options on several Bitcoin and Ethereum exchange-traded funds, including the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, VanEck Bitcoin ETF, iShares Ethereum Trust ETF, Fidelity Ethe…
- Allow FLEX Options on More Crypto ETFs: benefit, medium. The Exchange proposes to permit FLEX (customizable) options to trade on the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, VanEck Bitcoin ETF, iShares Ethereum Trust ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust, treating…
- Stop Aggregating FLEX with Non-FLEX Positions: benefit, medium. The Exchange proposes that FLEX equity options on the iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust, Grayscale Bitcoin Mini Trust BTC, and Bitwise Bitcoin ETF would no longer be aggregated with positions on the same non-FLEX underlying ETF for calculating position and exercise limits. That mea…
- Change Effective Immediately Upon Filing: benefit, low. The Commission waived the 30-day operative delay and designated the proposed rule change operative upon filing, and the Exchange filed the proposal on January 7, 2026. That means the Exchange may treat the named crypto ETF options under the amended rules immediately upon filing.

## 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
- [2026-01381 on federalregister.gov](https://www.federalregister.gov/documents/2026/01/26/2026-01381/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-01381 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-01-26/pdf/2026-01381.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2026-01381 (as of 2026-06-08).