NYSE American has filed a proposed rule change with the SEC to allow options trading on commodity trusts holding multiple crypto assets, but contrary to early reports, the filing remains at the notice-and-comment stage rather than receiving final approval.
The SEC’s public docket for SR-NYSEAMER-2026-11 labels the item as a Notice of Filing of a Proposed Rule Change to Amend Rule 915, with an issue date of February 13, 2026 and a public comment deadline of March 12, 2026.
Public comment deadline for SR-NYSEAMER-2026-11March 12, 2026
According to unconfirmed reports, the SEC has already approved the listing. However, no approval order for SR-NYSEAMER-2026-11 was located on the SEC docket or in the Federal Register during the research period. The distinction matters: a notice of proposed rule change invites public feedback before the Commission decides whether to approve, disapprove, or institute further proceedings.
What NYSE American’s Rule 915 Amendment Would Do
NYSE American filed on February 6, 2026 to amend Rule 915 so the exchange could list options on a Commodity-Based Trust that holds multiple crypto assets, extending beyond the existing framework for single-asset trusts. The filing was published in the Federal Register on February 19, 2026.
Under the proposed multi-asset rule, each underlying crypto asset would need an average daily market value of at least $700 million over the last 12 months. Each asset must also underlie a derivatives contract on a market covered by a comprehensive surveillance sharing agreement.
These thresholds would limit eligible trusts to products built around the largest, most liquid cryptocurrencies, effectively filtering out smaller tokens that lack established futures markets.
The Regulatory Groundwork: Generic Listing Standards and GDLC
The proposed rule change builds on regulatory steps the SEC took in late 2025. On September 17, 2025, the SEC approved generic listing standards for Commodity-Based Trust Shares and separately approved the listing of the Grayscale Digital Large Cap Fund.
Two days later, Grayscale’s GDLC began trading on NYSE Arca as the first multi-asset crypto ETP in the United States, holding Bitcoin, Ether, XRP, Solana, and Cardano. Those five assets represent what Grayscale described as over 90% of total crypto market capitalization.
Grayscale CEO Peter Mintzberg called the GDLC launch “a historic milestone for the entire crypto ETP landscape.” The product gave investors diversified crypto exposure through a single regulated vehicle, similar in concept to how institutional players like BlackRock have expanded their crypto custody and trading operations.
Bloomberg Intelligence analyst James Seyffart noted that the SEC may be holding launches until it sets a broader framework for digital assets in ETF form, a view that aligns with the deliberate, staged approach visible in the Rule 915 amendment process.
What Multi-Asset Options Would Change
If approved, the Rule 915 amendment would allow traders on NYSE American to buy and sell options contracts tied to trusts holding baskets of crypto assets rather than just a single coin. This would mark a structural shift from the current single-asset options landscape.
Options on multi-asset trusts would give institutional and retail traders the ability to hedge or gain exposure to diversified crypto portfolios through a regulated exchange. The product category sits at the intersection of two trends: growing appetite for regulated financial products and the SEC’s incremental expansion of crypto market infrastructure.
The $700 million per-asset liquidity threshold proposed in the filing would likely restrict initial eligible products to trusts anchored by large-cap cryptocurrencies, particularly those already represented in GDLC’s five-asset basket.
What Happens Next
The public comment period for SR-NYSEAMER-2026-11 closed on March 12, 2026. The SEC now has several procedural options: it can approve the proposed rule change, disapprove it, or institute proceedings to allow more time for review.
Any decision by the Commission could also factor into broader monetary policy considerations as regulators weigh the pace of crypto product expansion against financial stability concerns.
There is no published timeline for a final decision. Investors and market participants tracking the filing can monitor the SEC’s self-regulatory organization rulemaking docket for updates on SR-NYSEAMER-2026-11.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
Source: https://coincu.com/news/sec-approves-nyse-american-multi-crypto-asset-commodity-trust-options/
