【Is a coin big enough? The SEC draws the line at $700 million 📉⚖️】
Group chat: 🥳 加入X先生的粉丝群聊跟进
The door has just been opened, but the steps are still steep. On the 13th, the U.S. Securities and Exchange Commission approved a rule change. Before, getting this kind of option listed meant negotiating one case at a time. Now there’s a single yardstick, and everyone is measured by the same standards. Assets the size of $BTC and $ETH could clear the bar with their eyes closed. Those that don’t measure up will have to watch from outside. 📉
The yardstick has two hard requirements. One is market capitalization: each coin must have an average daily market cap of more than $700 million. Note that this applies to each coin individually, not the basket as a whole. The other requirement is tougher: each coin must have a derivatives contract listed on a regulated market. That’s meant to address the risk of manipulation. 🔍
Don’t underestimate these two requirements. A $700 million average daily market cap for a single coin may not sound like much. But in the real world, only a handful make the cut. In practice, this line is a sieve that narrows the field first. It replaces repeated case-by-case approvals. I think this is the key part of this round of changes. 📊
There’s another timing detail worth noting. Normally, this kind of change takes 30 days to go into effect. The exchange submitted a request for an exemption, and the regulator approved it. That means the rule took effect the same day it was posted on the 13th. The regulator still has a fallback: it can call a halt within 60 days. The door is open, but someone else still holds the key. ⏱️
Changes are happening on the other side, too. Cboe has also revised its rules for eligible ETFs. Product names that were previously listed individually in the basket have been removed. Going forward, they’ll all be assessed under the same general standard. My take is that case-by-case approvals have been turned into a template. The door is open; now we’ll see how wide they let it swing. 💡
Does this affect ordinary people? In the short term, probably not noticeably. But the structure is changing, and options could shift from single coins to baskets. Once baskets enter the picture, there’ll be more ways to deploy capital. My view is simple: watch to see whether this threshold gets lowered. If it does, that’ll be the real signal. 🎯
📌 In a nutshell: The threshold is tougher than case-by-case approval, and the $700 million bar will leave only a handful standing.
Do you think this threshold is too high? Share your thoughts in the comments.
#SEC
Group chat: 🥳 加入X先生的粉丝群聊跟进
The door has just been opened, but the steps are still steep. On the 13th, the U.S. Securities and Exchange Commission approved a rule change. Before, getting this kind of option listed meant negotiating one case at a time. Now there’s a single yardstick, and everyone is measured by the same standards. Assets the size of $BTC and $ETH could clear the bar with their eyes closed. Those that don’t measure up will have to watch from outside. 📉
The yardstick has two hard requirements. One is market capitalization: each coin must have an average daily market cap of more than $700 million. Note that this applies to each coin individually, not the basket as a whole. The other requirement is tougher: each coin must have a derivatives contract listed on a regulated market. That’s meant to address the risk of manipulation. 🔍
Don’t underestimate these two requirements. A $700 million average daily market cap for a single coin may not sound like much. But in the real world, only a handful make the cut. In practice, this line is a sieve that narrows the field first. It replaces repeated case-by-case approvals. I think this is the key part of this round of changes. 📊
There’s another timing detail worth noting. Normally, this kind of change takes 30 days to go into effect. The exchange submitted a request for an exemption, and the regulator approved it. That means the rule took effect the same day it was posted on the 13th. The regulator still has a fallback: it can call a halt within 60 days. The door is open, but someone else still holds the key. ⏱️
Changes are happening on the other side, too. Cboe has also revised its rules for eligible ETFs. Product names that were previously listed individually in the basket have been removed. Going forward, they’ll all be assessed under the same general standard. My take is that case-by-case approvals have been turned into a template. The door is open; now we’ll see how wide they let it swing. 💡
Does this affect ordinary people? In the short term, probably not noticeably. But the structure is changing, and options could shift from single coins to baskets. Once baskets enter the picture, there’ll be more ways to deploy capital. My view is simple: watch to see whether this threshold gets lowered. If it does, that’ll be the real signal. 🎯
📌 In a nutshell: The threshold is tougher than case-by-case approval, and the $700 million bar will leave only a handful standing.
Do you think this threshold is too high? Share your thoughts in the comments.
#SEC