According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has suspended the approval of cash-settled Bitcoin index options on NASDAQ and will reconsider this decision after a legal challenge filed by a group. In an order issued on July 31, the SEC stated that NASDAQ received conditional approval in May to list cash-settled Bitcoin index options under certain codes, but these products still require exemption from the Commodity Futures Trading Commission (CFTC) before they can be launched. The group challenged this approval in June, arguing that Bitcoin is a commodity and therefore options directly related to its value should fall under the exclusive jurisdiction of the CFTC, not the SEC. If the CFTC's view holds true, the SEC would have no authority to approve such options, and NASDAQ would need to register as a futures or swap trading venue regulated by the CFTC, or redesign the contracts to track securities such as spot Bitcoin. The SEC already operates regulated Bitcoin futures and options markets, and NASDAQ's offerings would compete with those markets. The order maintains the suspension of approval and gives parties until August 24 to submit statements in support or opposition.