SEC Approves Rule Change for Multi-Crypto Asset Trust Options on NYSE American

The U.S. Securities and Exchange Commission (SEC) has announced the approval of a rule change application for listing multi-cryptocurrency asset trust options on NYSE American. According to BlockBeats, this marks an expansion from previously allowing options for single cryptocurrency asset trusts to now supporting options for trusts holding multiple crypto assets. The prerequisites for listing include each cryptocurrency asset held by the trust meeting high liquidity standards, with an average daily market value of at least $700 million over the past 12 months. Additionally, derivative contracts for these assets must have comprehensive surveillance sharing agreements with trading platforms. Trust shares must adhere to the initial and ongoing listing standards for ETF options on trading platforms and be classified as NMS stocks. The SEC's review concluded that the rule change will provide investors with greater exposure to cryptocurrency assets and hedging tools without requiring separate SEC approval for each instance, thereby enhancing market efficiency.