Nasdaq ISE has asked the SEC (U.S. securities regulator) to allow options on certain crypto-backed ETFs to be listed under a standing framework instead of requiring a separate approval for each product. The July 28 filing, tagged SR-ISE-2026-42, would apply to options on commodity-based trust shares that incorporate digital commodities. To qualify, each digital commodity held by a trust would need an average daily global market value of at least $700 million, and derivatives linked to the trust’s holdings would need to trade on venues monitored by an Intermarket Surveillance Group member for at least 85% of the trust’s net asset value. The remaining 15% would have partial flexibility, allowing some exposure to assets with less-complete surveillance arrangements. The structure could support multi-asset crypto ETFs dominated by Bitcoin and Ethereum while leaving room for smaller allocations to assets such as Solana. The proposal follows Nasdaq’s January 2026 removal of the 25,000-contract position limits on Bitcoin and Ethereum ETF options and comes as the CLARITY Act, a bill intended to divide oversight between the SEC and CFTC (U.S. derivatives regulator), remains unresolved in the Senate. If approved, the rule change would speed up crypto ETF options launches and give issuers a clear size target, though the 15% surveillance carve-out may become a focus during the SEC comment period.