The U.S. Securities and Exchange Commission kept Nasdaq PHLX’s proposed Bitcoin index options on hold after granting CME Group’s petition for a full review, establishing August 24, 2026 as the deadline for parties to submit written statements supporting or opposing the approval. Nasdaq PHLX submitted a rule change on May 22 to list cash‑settled, European‑style Bitcoin options under the ticker QBTC, which would reference the CME CF Bitcoin Real Time Index. CME filed a notice of appeal on June 1 and a formal petition on June 18, arguing that Bitcoin is a commodity and that the Commodity Futures Trading Commission, not the SEC, has exclusive authority under the Commodity Exchange Act. The SEC’s order, published July 29 and entered in the Federal Register on August 3, does not rule on the merits of CME’s jurisdictional claim; it merely accepts the petition for review and leaves the May 22 approval stayed pending a subsequent commission decision. Written statements must be filed by August 24, after which commissioners will evaluate the submissions and determine whether the staff approval should remain in effect. The order provides no timeline for a final decision. CME contends that Bitcoin options are commodity swaps subject to CFTC jurisdiction and that SEC approval could impose new regulatory costs on its exchanges and clearing operations. It has asked the full Commission to withdraw the staff approval rather than wait for a separate CFTC exemption process. Nasdaq responded that joint oversight by the SEC and CFTC offers a compliant pathway and that the product would allow spot Bitcoin ETF investors to hedge on a national securities exchange. The company also noted that it must obtain CFTC relief, including permission for the Options Clearing Corporation to clear the contracts without registering as a CFTC derivatives clearing organization, and that the OCC must revise its risk disclosure rules. The dispute is limited to Bitcoin options; a broader implication could allow securities exchanges to list derivatives tied to other non‑security commodities under SEC rules, a point raised by CME but not decided by the Commission. The SEC has not set a date for its final ruling, and Nasdaq’s Bitcoin index options remain stayed until the review process concludes.