Change in Listing Rules for Options on Crypto-based Trusts
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law modifies listing standards to allow options on trusts holding multiple cryptocurrencies. It expands criteria for listing and withdrawal standards at MIAX Sapphire. These changes affect exchanges and investors involved with crypto-related financial products.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Allows listing of options on trusts holding multiple cryptocurrencies.
- Expands criteria for listing and withdrawal standards.
- Affects exchanges and crypto investors.
Obligations
What this law requires
Commodity-Based Trusts must maintain an average daily market value of each underlying crypto asset of at least $700 million over the last 12 months.
Each crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement.
Options on Commodity-Based Trusts must continue to meet the requirements specified in Exchange Rule 402(i)(6)(iii)(A) and (B) for continued listing.
The Exchange must calculate the total global supply and market value of each underlying crypto asset held by the Commodity-Based Trust monthly.
The Exchange must ensure compliance with listing requirements before listing options on a Commodity-Based Trust.