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US Treasury par yield curve · Jul 31 · Source: U.S. Treasury
Saturday, August 1, 2026
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MONEY & WORLD
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Release 34-106005

An approval to list bitcoin index options has been frozen since 11 June by the act of objecting to it, and the SEC has now granted CME Group's petition to review that approval

Money & World
The Editorial Team ·
A close photograph of a frozen surface filling the whole frame, thousands of interlocking clear ice crystals catching a hard light so that their sharpest edges flare white against dark shadows underneath. No text, markings, brand marks, people, buildings or objects are in view. A generic material close-up, not a photograph of any exchange, product, filing or party.
Photo: Suki Lee / Pexels

Objecting was enough.

The Securities and Exchange Commission approved Nasdaq PHLX's plan to list and trade Nasdaq Bitcoin Index options on 22 May, through its Division of Trading and Markets acting under delegated authority, on an accelerated basis. On 11 June, CME Group Inc. filed a notice of intention to petition for review. Under Rule 431(e) of the Commission's Rules of Practice, that notice alone produced an automatic stay of the approval, and the order filed for public inspection on Friday quotes the provision saying so.

CME filed the petition itself a week later, on 18 June. The Commission has now granted it.

What the order does

It grants the petition for review, and it schedules written statements. Any party or other person may file in support of or in opposition to the approval, and the order sets the deadline at 21 days after the notice publishes in the Federal Register. The FR Doc line schedules publication for 3 August, which puts the deadline at 24 August. That date is arithmetic rather than a printed figure, so check it against the published version.

The third paragraph of the disposition is the one that matters most. The Approval Order shall remain stayed pending further order of the Commission.

Ten months of docket

The filing history in the order runs longer than the review will. Phlx filed on 23 September 2025. Notice went out six days later. The Division extended its own deadline in November, instituted proceedings in December to determine whether to approve or disapprove, and extended again in March.

Phlx then filed Amendment No. 1 on 15 May 2026, which the order states replaced and superseded the original filing in its entirety. Approval followed a week after that.

What is not in it

The order does not say why CME Group petitioned, and it does not characterise CME Group at all. It sets no date by which the Commission must act. It does not say whether the options ever traded between the 22 May approval and the 11 June stay.

The document: Securities and Exchange Commission, Securities Exchange Act Release No. 34-106005, File No. SR-Phlx-2025-50, order dated 29 July 2026, captioned In the Matter of Nasdaq PHLX LLC; Order Granting Petition for Review and Scheduling Filing of Statements Regarding an Order Approving, on an Accelerated Basis, a Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade Nasdaq Bitcoin Index Options. FR Doc. 2026-15615, filed for public inspection at 08:45 on 31 July 2026, publication date 3 August 2026, issued by the Commission and signed by Sherry R. Haywood, Assistant Secretary. The raw text was fetched from federalregister.gov and read in full here; no fetch-tool summary was relied upon, and every date, release number, rule citation and party name below was matched against that text. Verified on the procedural history as the order states it: Phlx filed the proposed rule change on 23 September 2025 under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4; it was published for comment on 29 September 2025 at Release No. 104038, 90 FR 46706; on 3 November 2025 the Division of Trading and Markets, for the Commission under delegated authority, designated a longer period, Release No. 104173, 90 FR 51424; on 23 December 2025 the Division instituted proceedings under Section 19(b)(2)(B), Release No. 104506, 90 FR 61452; on 20 March 2026 the Division designated a further longer period, Release No. 105057, 91 FR 14613; on 15 May 2026 Phlx filed Amendment No. 1, which the order states replaced and superseded the original filing in its entirety; and on 22 May 2026 the Division published notice of Amendment No. 1 and approved the proposed rule change as modified, on an accelerated basis, Release No. 105549, 91 FR 31769, defined in the order as the Approval Order. Verified on the petition: pursuant to Rule 430 of the Commission's Rules of Practice, CME Group Inc. filed a notice of intention to petition for review of the Approval Order on 11 June 2026, and filed the petition for review on 18 June 2026. Verified and quoted on the stay mechanism, in the order's own words: pursuant to Rule 431(e) of the Commission's Rules of Practice, notice of intention to petition for review results in an automatic stay of the action by delegated authority until the Commission orders otherwise. Verified on the disposition: CME's petition for review is granted; any party or other person may file a written statement in support of or in opposition to the Approval Order on or before a date the order sets as 21 days after publication in the Federal Register; and it is further ordered that the Approval Order shall remain stayed pending further order of the Commission. The 24 August date given below is arithmetic from two facts stated on the face of the document, being the 21 day period and the 3 August 2026 publication date recorded in the FR Doc line, and the brief says so. The order does not state why CME Group petitioned, does not describe CME Group's business, does not state whether the product ever traded, does not state when the Commission will decide, and contains no allegation of conduct against any party. None of those things is asserted below..

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