Cboe Global Markets and S&P Dow Jones Indices extended Cboe's exclusive license to offer S&P 500 Index options through 2051, securing another 25 years for the SPX franchise. SPX options volume rose 25% in 2025 to 970.6 million contracts, with average daily volume reaching 3.9 million contracts. The companies have raised tokenized options as a possible area for future innovation but disclosed no product design, venue, settlement model, regulatory filing or launch timetable. The Securities and Exchange Commission's Sept. 17 Innovation Exemption provides temporary relief for qualifying venues trading tokenized NMS stocks through permissioned automated market makers and liquidity pools, but does not cover SPX options or tokenized derivatives. The discussion comes as tokenized equities expand: Binance Research put their value at $4.43 billion on Sept. 15, up 390.4% year on year, while Citi has outlined a scenario in which tokenized financial assets reach $5.5 trillion by 2030.