Nasdaq PHLX LLC submitted a proposal to the Securities and Exchange Commission (SEC) on February 4, 2025, to introduce new Nasdaq Bitcoin Index Options. The proposed rule change was officially published for public comment in the Federal Register on February 24, 2025. According to the rules, the SEC originally had 45 days to respond, but they have decided to extend this period to ensure they have enough time to review the proposal thoroughly. The new deadline for the SEC to make a decision is set for May 25, 2025, either to approve, disapprove, or proceed with further evaluation of the rule change.
Simple Explanation
Nasdaq wants to create a new way for people to trade things like pretend money called Bitcoin, and they asked a group called the SEC if that's okay. The SEC needs more time to think about it, so they moved their decision date to May 25, 2025, to decide if that’s a good idea.