Important News: Nasdaq ISE Withdraws Proposals for Bitcoin and Ethereum Options Trading 📉
A recent report by Sarah Wynn for The Block reveals that Nasdaq ISE, LLC has withdrawn its proposals to list and trade options on spot Bitcoin and Ethereum exchange-traded funds (ETFs) this year. The notices filed on the U.S. Securities and Exchange Commission’s (SEC) website indicate the withdrawal of these proposals on Tuesday.
Proposed Rule Changes by Nasdaq ISE
Nasdaq ISE had submitted two proposed rule changes to amend Options 4, Section 3(h) to enable the exchange to list and trade options on units representing interests in a trust holding Bitcoin and another holding Ether. These Proposals were up for comment in the Federal Register on August 12. No comments addressing the Proposal were received, leading to the exchange’s withdrawal of both proposals on August 13.
- Nasdaq ISE withdraws proposals to list and trade Bitcoin and Ethereum ETF options
- No comments received on the proposals submitted to the SEC
- Exchange filed with the SEC to make amendments to list options on trust interests in Bitcoin and Ether
Market Trends: Exchanges Follow Suit
The recent withdrawal by Nasdaq ISE aligns with the broader trend seen among other exchanges over the past week. MIAX, MIAX Pearl, and BOX Exchange have also retracted their proposals to list and trade options on spot Bitcoin ETFs. Cboe initially withdrew its application for listing options on spot Bitcoin ETFs, later refiling the application, hinting at ongoing discussions with the SEC, which is yet to approve trading of options on spot Bitcoin or Ethereum ETFs.
- Other exchanges withdrawing proposals for trading Bitcoin and Ethereum options
- Cboe refiles application for listing options on spot Bitcoin ETFs
- SEC still to approve trading of options on spot Bitcoin or Ethereum ETFs
NYSE American LLC’s Retraction
In a related development, NYSE American LLC also retracted its proposal to list and trade options on the Bitwise Bitcoin ETF and the Grayscale Bitcoin ETF, as highlighted by The Block.
Analyst’s Insights: Potential Refiling by Nasdaq and NYSE
Bloomberg Intelligence Analyst James Seyffart weighed in on the situation, suggesting that Nasdaq and NYSE may consider refiling their proposals. He referenced Cboe’s actions as a potential precedent, indicating that the exchanges maintain interest in pursuing the listings and may be in discussions with the SEC. Seyffart hinted at the possibility of refiling in the coming days or weeks, drawing parallels with Cboe’s re-filing.
Hot Take: Stay Alert for Potential Market Shifts 🚀
Keep an eye on the evolving developments in the crypto market as exchanges like Nasdaq and NYSE reconsider their proposals for Bitcoin and Ethereum options trading. The SEC’s stance on approving these listings can significantly impact market dynamics and investor sentiment. Stay informed and watch out for potential market shifts as discussions between exchanges and the regulatory body continue.
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