Nasdaq files rule change to expand crypto ETF options amid CLARITY Act stall

Nasdaq ISE just asked the SEC for permission to stop asking the SEC for permission. The exchange submitted a rule change on July 28 that would let it list options on crypto-backed ETFs using standardized criteria, bypassing the current process that requires a separate regulatory approval for each new product. The filing, tagged SR-ISE-2026-42, would create a framework for options on “commodity-based trust shares that incorporate digital commodities.” If a crypto ETF meets specific benchmarks, its options can go live without a bespoke SEC blessing. What the thresholds actually look like Qualifying trusts would need to maintain at least $700 million in average daily global market value for each digital commodity they hold. There’s also a surveillance requirement. Derivatives tied to the trust’s holdings must trade on a market surveilled by an Intermarket Surveillance Group (ISG) member, covering at least 85% of the trust’s net asset value. The remaining 15% gets a partial exemption, meaning assets without comprehensive surveillance agreements aren’t an automatic disqualifier as long as they stay a minority of the portfolio. That 85/15 split means a multi-asset crypto ETF could hold a...