Nasdaq's proposed regulatory change to the SEC is indeed being validated, and its scope is somewhat broader than initially stated, encompassing not only Bitcoin, Ether, Solana, and XRP, but also Chainlink and Hedera.

In its filing No. 42 with the SEC, Nasdaq ISE proposes establishing standard criteria for listing options for commodity-based trusts holding digital assets. A key technical detail of the filing is that it replaces the term "crypto asset" with "digital commodity," linking value to the programmatic operation and supply-demand dynamics of a functional crypto system, rather than to the managerial efforts of third parties. The proposal also introduces a 15% tolerance for digital commodities that do not meet the derivatives market requirements.

This filing is not an isolated move, but a natural continuation of previous steps. An earlier Nasdaq ISE rule change, approved by the SEC in March 2026, allowed options trading on commodity-based trusts holding multiple digital assets, rather than being limited to a single asset. A separate NYSE Arca proposal in April 2026 introduced a similar 85-15 framework, requiring that at least 85 percent of a trust's net asset value consist of assets traded on regulated markets for six months, a criterion currently met by bitcoin, ether, solana, and XRP. Nasdaq's latest application incorporates these provisions into its framework for options on eligible trusts.

The practical benefit of this change is that it reduces the need for a separate SEC approval process for each eligible product. In January 2026, Nasdaq removed the 25,000-contract position limit on options tied to bitcoin and ether ETFs, allowing institutional investors to take much larger positions. Now, this new application aims to extend a similar acceleration to a wider range of assets.

The timing is also noteworthy, as this application coincides with a period when the CLARITY Act is still stalled in the Senate, expected to clarify the boundaries of authority between the SEC and the CFTC, but remains deadlocked in negotiations as of the end of July. This suggests that exchanges are trying to accelerate their own processes within the existing framework, rather than waiting for regulatory clarity at the congressional level.

The impact of such general listing standards is already being seen; in September 2025, a crypto index fund approved by the SEC under a similar framework added XRP, Solana, and Stellar to its portfolio, alongside Bitcoin and Ether, reducing the individual application process, which previously took over 240 days, to as little as 75 days.

For those following crypto ETFs and related derivatives through Gate, the key point is that the adoption of such standardized criteria means a rapid expansion of the options market for assets beyond just Bitcoin and Ether, offering institutional investors a much wider set of tools for both hedging and speculation. Whether the proposal is approved by the SEC and when it will take effect will be the real concrete development to watch in the coming weeks.

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