On 14 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice designating an extension of time to evaluate proposal submitted by Cboe Exchange, Inc. to amend its rules and allow for the listing and trading of options on the VanEck Bitcoin Trust. The proposed rule change, File No. SR-CBOE-2025-017—is now under a longer review period, with a new deadline set for 02 July 2025.
The rule change, initially filed on 14 March 2025, seeks to amend Cboe Rules 4.3, 4.20, and 8.30. It has since undergone several revisions, with Amendment No. 4, filed on 01 May 2025, now forming the operative text of the proposal. The amendment replaces all prior submissions and reflects substantive updates to the Exchange’s regulatory framework necessary to support derivatives on crypto-linked products.
Under Section 19(b)(2) of the United States Securities Exchange Act of 1934, the Commission typically has 45 days from the date of notice publication to approve, disapprove, or institute further proceedings on a proposed rule change. The original 45-day period would have expired on 18 May 2025. However, citing the complexity and importance of the matter, US SEC exercised its authority to extend the deadline, allowing more time to assess whether such a rule change aligns with the public interest and the United States Exchange Act’s standards.
If approved, this rule change would represent a major development in the regulated derivatives market, opening the door for exchange-listed options on a spot Bitcoin exchange-traded product (ETP), subject to the US SEC final decision. The full text of Amendment No. 4 can be accessed via the US SEC website here.
(Source: https://www.sec.gov/files/rules/sro/cboebzx/2025/34-103045.pdf)
