SEC Green-Lights Options on Baskets of Bitcoin and Friends
Published Date: 7/24/2026
Notice
Summary
MEMX is updating its rules to allow options trading on special trusts that hold multiple cryptocurrencies, not just one. This change affects investors and traders interested in crypto-based options and aims to make these options easier to list and withdraw. The SEC quickly approved this update, so expect these new options to hit the market soon, opening fresh opportunities without extra costs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Options Allowed on Multi‑Crypto Trusts
The exchange (MEMX) can list and trade options on Commodity‑Based Trust shares that hold multiple crypto assets (not just a single crypto asset). These options will provide investors and traders another way to gain or hedge exposure to those trust shares.
Each Crypto Must Meet $700M Liquidity Test
Each crypto asset held by a Commodity‑Based Trust must have an average daily market value of at least $700 million over the last 12 months to qualify for options listing. Each crypto must also underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement.
Monthly Withdrawal/Suspension If Criteria Drop
The Exchange may suspend opening transactions in options on a Commodity‑Based Trust if any crypto asset in the trust no longer meets the $700 million average daily market value test over the prior 12 months or no longer underlies a derivatives contract with a covered surveillance agreement, as determined monthly.
Listing Without Further SEC Approval
MEMX may list and trade these options without additional approval from the SEC, allowing listings soon after the underlying Commodity‑Based Trust shares list. The Commission approved the proposed rule change on an accelerated basis on July 21, 2026.
Same Trading Rules and Surveillance Apply
Options on these Commodity‑Based Trusts will trade under the Exchange's existing options rules (listing standards, expirations, exercise prices, position limits, margin rules, trading halt procedures) and the Exchange will apply the same surveillance procedures it uses for other options.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
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.
Previous / Next Documents
Previous: 2026-14976, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify Rules 971.1NYP and 971.2NYP To Allow FLEX Options To Trade in Its CUBE Auction for Single-Leg and Complex Orders
NYSE American is updating its rules to let FLEX Options join its CUBE Auction for both single-leg and complex trades. This change helps traders find better prices and compete with other exchanges offering similar features. The new rules took effect right away on July 9, 2026, making trading more flexible and potentially saving money for market participants.
Next: 2026-14978, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190 to Permit Trading of Pegged Orders During Pre-Market and Post-Market Sessions
Investors Exchange (IEX) is making it easier to trade by allowing special pegged orders and discretionary limit orders during pre-market and post-market hours. This change helps traders get more flexible and timely trades outside regular hours, potentially boosting market activity. The new rule took effect right after filing on July 10, 2026, so traders can start using it immediately.