SEC Makes Cboe BZX Multi-Crypto Options Listing Rules Operative

Published October 14, 2026, 10:25 UTC. Based on the U.S. Securities and Exchange Commission's October 13, 2026 notice of filing and immediate effectiveness for Cboe BZX Exchange (File No. SR-CboeBZX-2026-082), with reporting from The Crypto Times and the commission's earlier multi-crypto options orders.

The U.S. Securities and Exchange Commission has made a Cboe BZX Exchange rule change operative on the day it was filed, establishing general listing criteria for options on commodity-based trusts that hold multiple crypto assets. In an October 13 notice, the SEC said Cboe BZX filed the proposal on September 29 under Section 19(b) of the Securities Exchange Act of 1934 and asked the commission to waive the standard 30-day operative delay, arguing the proposal largely adopts standards already approved for another exchange and raises no novel legal or regulatory issues, according to the notice and reporting from The Crypto Times.

The $700 million market-value rule

Under amended Rule 19.3, Cboe BZX can list options on a commodity-based trust holding multiple crypto assets if each underlying asset meets two conditions, the notice said. First, each asset must have an average daily global market value of at least $700 million over the previous 12 months, calculated from the asset's total global supply multiplied by its token price. Second, each asset must underlie a derivatives contract that trades on a market with which the exchange has a comprehensive surveillance-sharing agreement, either directly or through common membership in the Intermarket Surveillance Group. According to Cboe BZX, the criteria set minimum market-value and surveillance requirements so that each asset is liquid enough for the trust's creation and redemption process to run without disruption, and so that options market makers can hedge their positions.

What happens when a trust falls out of compliance

The filing also amends Rule 19.4 to establish continued listing standards for options on multi-crypto-asset trusts. Under the new provision, Cboe BZX must consider suspending opening transactions in an options series if the underlying assets no longer meet the market-value criteria, which the exchange assesses monthly, or if the required surveillance-sharing arrangements are no longer in place, according to the notice. The SEC retains the authority to temporarily suspend the rule change within 60 days of filing if it determines that suspension is necessary or appropriate in the public interest, for investor protection or to further the purposes of the Exchange Act, the notice said.

No specific fund approved

The changes replace product-specific references in Cboe BZX's rulebook with general eligibility criteria. They do not approve a specific crypto fund or guarantee that options on any particular product will be listed, The Crypto Times reported. Cboe BZX said it had neither solicited nor received comments on the proposal before filing it, and the SEC is inviting public comments on whether the rule change is consistent with the Securities Exchange Act. Comments can be submitted through the SEC's online comment system or by email to rule-comments@sec.gov, referencing file number SR-CboeBZX-2026-082, according to the notice.

The ETF leg: Rule 6c-11 options

Cboe BZX is also updating Rule 19.3(i)(1) to permit options on ETFs that meet the requirements of Rule 6c-11 under the Investment Company Act of 1940, the 2019 SEC rule that lets qualifying ETFs operate without an individual exemptive order if they meet portfolio-transparency and other conditions. Cboe BZX argued that the portfolio transparency Rule 6c-11 requires could help address manipulation risks by allowing investors to review the holdings used to calculate an ETF's net asset value, The Crypto Times reported. The exchange said the changes align its rules with standards already approved for Cboe Options and are consistent with Section 6(b)(5) of the Exchange Act, which addresses fair and orderly markets, the prevention of fraudulent and manipulative practices, and investor protection.

The latest in a 2026 options push

The rule change is the latest in a steady expansion of crypto options access this year. On October 2, the SEC approved a Cboe rule covering six leveraged funds under the VS Trust, including products targeting three times the daily performance of Bitcoin and Ether futures benchmarks, along with gold, silver, crude oil and natural gas, according to TokenPost. Cboe BZX filed in August to list 3x Bitcoin and Ether ETFs, and earlier filings covered a spot XRP ETF, according to The Crypto Times. Separately, the commission has already approved multi-crypto options standards for Nasdaq ISE, NYSE American and NYSE Arca in March and April 2026 orders, citing the same $700 million and surveillance-sharing conditions, according to SEC Release No. 34-105175.

This article is news reporting and is not investment advice.

Sources

• U.S. Securities and Exchange Commission, notice of filing and immediate effectiveness, File No. SR-CboeBZX-2026-082 (published October 13, 2026 via sec.gov), primary source for the September 29 filing date, the two listing conditions, the waived 30-day operative delay, the 60-day suspension authority and the public comment process
• The Crypto Times, secondary source for the Rule 19.3 and 19.4 amendments, the application of the $700 million threshold, the Rule 6c-11 ETF leg, the removal of product-specific ETP references and the August 3x Bitcoin and Ether ETF and spot XRP ETF filing history
• SEC Release No. 34-105175 (April 8, 2026), secondary source for the multi-crypto options criteria previously approved for Cboe Exchange and the Nasdaq ISE, NYSE American and NYSE Arca orders of March and April 2026