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ARTICLE · 27 NOVEMBER 2024

Bitcoin ETF Options Trading Begins As CFTC Defers Jurisdiction To SEC

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According to reports, the first spot bitcoin exchange-traded fund (ETF) approved for options recently began trading on a major U.S. stock exchange, with options trading on additional bitcoin ETFs expected to follow.

United StatesTechnology
Robert A. Musiala Jr.
Robert A. Musiala Jr.
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According to reports, the first spot bitcoin exchange-traded fund (ETF) approved for options recently began trading on a major U.S. stock exchange, with options trading on additional bitcoin ETFs expected to follow. The development occurred shortly after the U.S. Commodity Futures Trading Commission (CFTC) issued an Advisory addressing the clearing of options on various spot commodity-based ETF products.

The CFTC Advisory notes that since January 2024, spot commodity ETF shares based on bitcoin have been listed and traded on national securities exchanges, with the U.S. Securities and Exchange Commission (SEC) recently approving spot commodity ETF shares on Ethereum in May 2024. According to the Advisory, CFTC staff believes "[b]ecause ... it is substantially likely that Spot Commodity ETF shares would be held to be securities, we believe that these shares listed on SEC registered national securities exchanges do not implicate the [CFTC's] jurisdiction,

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