SEC approves NYSE American listing of multiple cryptocurrency asset commodity trust options

ME News report: On April 2 (UTC+8), the U.S. Securities and Exchange Commission (SEC) announced approval of a rule change application for the New York Stock Exchange American to list options on multi-cryptocurrency commodity trusts. Previously, only options on commodity trusts backed by a single cryptocurrency were permitted to be listed; now, the scope has been expanded to support options on commodity trusts holding multiple cryptocurrencies. The listing prerequisites are that each cryptocurrency held by the trust must independently meet the high-liquidity standard—an average daily market value of at least $700 million over the past 12 months—and that the derivative contracts for that cryptocurrency must be traded on platforms that have comprehensive surveillance-sharing agreements. The trust’s shares must meet the trading platform’s initial and ongoing listing standards for ETF options and be classified as NMS stocks. After review, the SEC believes that this rule change will allow investors to gain greater exposure to cryptocurrencies and access hedging tools, without needing to seek additional SEC approval each time, thereby improving market efficiency. (Source: ChainCatcher)