BlockBeats message: On April 2, the U.S. Securities and Exchange Commission (SEC) announced approval of rule changes for options on Multi Crypto Commodity Trusts listed on NYSE American (NYSE American board). Previously, options could be listed only for commodity trusts holding a single crypto asset; now they are expanded to support options on commodity trusts holding multiple crypto assets.
The listing prerequisites are:
Each crypto asset held by the trust must separately meet the high-liquidity standards—its average daily market value over the past 12 months must be at least $700 million, and the crypto asset’s derivative contracts must have derivative surveillance-sharing agreements with the trading platform through a comprehensive surveillance-sharing protocol.
Trust shares must meet the trading platform’s initial and continued listing standards for ETF options, and be classified as NMS stocks.
After reviewing the rule change, the SEC believes it would give investors more exposure to crypto-asset investments and hedging tools, and would not require submitting an additional SEC approval application each time, thereby improving market efficiency.
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