The SEC has approved standardized binary options linked to performance indicators of public companies, specifically Coinbase trading volume and MARA Holdings bitcoin production. These European-style, cash-settled contracts are classified as National Market System securities and traded under existing standardized options rules. Reference data includes Coinbase Q2 2026 revenue of $1.22 billion, down 18.5% year over year with a net loss of $359.5 million, and MARA production of 2,422 BTC, up 3%. This approval does not extend to differently structured products and does not resolve the jurisdictional boundary between the SEC and CFTC. With the Clarity Act stalled in the Senate, agencies will continue shaping crypto market rules through product-specific approvals rather than a comprehensive new statutory framework.
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