Nasdaq files to standardize crypto ETF options as Clarity Act stalls
Nasdaq has filed a proposal to standardize options listings on digital commodity ETFs and trusts, moving forward even as the Clarity Act remains stuck in Congress without a final vote.
The filing would let exchanges list options on qualifying crypto trusts without seeking separate SEC approval for each product, a process that currently takes many months per fund.
The move comes as regulators signal they intend to keep building crypto market infrastructure through existing rulemaking authority rather than wait for comprehensive legislation.
What the Nasdaq filing covers
The proposal sets generic listing criteria for Commodity-Based Trust Shares holding multiple crypto assets, including BTC, ETH, SOL, XRP, LINK, and HBAR.
To qualify, a trust's underlying crypto assets must maintain an average daily market value of at least $700 million over the trailing 12 months. The assets must also trade on a market covered by a comprehensive surveillance-sharing agreement, either directly or through membership in the Intermarket Surveillance Group.
Funds meeting those thresholds could see options listed without Nasdaq filing a separate rule change under Section 19(b) of the Securities Exchange Act for each one.
The filing builds on generic listing standards the SEC approved for Nasdaq, Cboe BZX, and NYSE Arca in September 2025. Those standards already cut ETF approval timelines from many months to as little as 60 to 75 days, according to SEC filings reviewed at the time.
SEC Chair Paul Atkins said the earlier approval was meant to keep U.S. markets competitive in digital asset innovation. The latest Nasdaq filing extends that framework to trusts holding several crypto assets rather than just one.
SEC weighs an innovation exemption for tokenized stocks
Separately, the SEC is preparing what it has called an "innovation exemption," a narrower regulatory track that would let approved platforms trade tokenized versions of public stocks under lighter compliance requirements.
Atkins has discussed the concept since earlier this year, including at a blockchain event at Vanderbilt University. The exemption would reportedly allow tokenized shares of companies such as Apple and Tesla to trade 24/7, including weekends, with settlement in minutes rather than the standard one-day cycle.
Firms operating under the exemption would not need full broker-dealer or national exchange registration. The framework is expected to include guardrails such as exposure limits per user and specific disclosure requirements.
Tokens issued under the exemption would likely represent economic exposure to the underlying stock rather than direct legal ownership, meaning no voting rights or dividends in most proposed structures.
SEC Commissioner Hester Peirce has offered a more measured take, saying both critics and supporters of the exemption may find its eventual scope less dramatic than expected. The World Federation of Exchanges, which represents Nasdaq, Cboe, and other major bourses globally, has separately urged the SEC to narrow or abandon a broad exemption, citing investor protection risks.
Why the Clarity Act still matters
The Clarity Act was designed to give digital assets a permanent legal framework, including clearer rules on which agency regulates which tokens.
Its delay in Congress has not stopped regulators from acting through other channels. Nasdaq's filing and the SEC's planned exemption both operate within existing statutory authority, rather than waiting on new legislation.
That distinction matters for market participants. Rules built through SEC rulemaking and exchange filings can be narrower and more easily changed than a federal law. A finished Clarity Act would still be needed to lock in long-term certainty on token classification and jurisdiction between the SEC and CFTC.
For now, exchanges and regulators appear to be building infrastructure incrementally, filing by filing, while the broader legislative debate continues.
Comparison table: Old process vs new process
| Feature | Before generic standards | After Nasdaq's new filing |
| SEC approval per product | Required each time | Not required if thresholds met |
| Approval timeline | Many months | As little as 60-75 days |
| Minimum asset market value | Case by case | $700 million average, 12 months |
| Assets covered | Mostly BTC, ETH | BTC, ETH, SOL, XRP, LINK, HBAR |
| Surveillance agreement | Reviewed individually | Standard requirement |
