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ZEC $1,088 SEC approves binary options tied to Coinbase volume and Bitcoin mining output
The SEC approved standardized binary options that pay out on reported company metrics, including Coinbase trading volume and MARA Bitcoin production.
Key takeaways
- Scope is narrow. Atkins said the order covers only the named exchange-traded contracts and leaves CFTC oversight of other structures untouched.
- Approved October 13. Atkins said the Commission voted on October 13 to approve the securities exchange rule change.
- Cash settlement only. The options are European style and settle in cash, so they can be exercised only at expiration.
What happened
The SEC has cleared the listing of binary options whose payouts depend on company performance metrics rather than share prices. The contracts reference figures such as Coinbase trading volume, MARA Bitcoin production and Robinhood financial data.
In a statement dated October 13, SEC Chairman Paul Atkins said the Commission voted for a rule change that lets an exchange list standardized options tied to the key performance indicators public companies report.
Coinbase metrics include trading volume, transaction and total revenue, subscription and services revenue, and diluted net income per share. For MARA, the covered measure is Bitcoin production, which ties the contract to mining output rather than the BTC market price. Robinhood's customer activity and revenue figures are among the measures available for similar contracts.
The contracts settle in cash when they expire and are European style, which means they can only be exercised at expiration. They are classified as National Market System securities and will trade on a regulated exchange under rules for standardized options.
First $84.4KLatest $80.9K-4.2% over the period
Points are daily observations, not closing prices.
Why it matters
The products give regulated exposure to crypto-market activity without holders needing to own tokens. The reported approval does not resolve the wider SEC-CFTC boundary and does not authorize every product built around the same data.
Atkins said the order covers only the named exchange-traded contracts and leaves CFTC oversight of other structures untouched.
The decision lands while the Clarity Act is still stalled in the Senate, so crypto rules keep moving through the authority agencies already hold and through decisions on individual products.
What the data shows
The approved contracts reference reported company metrics rather than the Bitcoin price, and MARA's measure is mining output rather than the value of BTC.
What is still unclear
- The approval does not settle the wider SEC-CFTC boundary, and it does not authorize every product built on the same data.
- Structures other than the named exchange-traded contracts remain outside the order and may fall under CFTC authority.
- The Clarity Act is still stalled in the Senate, leaving the framework to agency authority and product-specific decisions.
Questions readers ask
What metrics do the approved binary options track?
They track key performance indicators reported by public companies. Covered names include Coinbase, Robinhood and Bitcoin miner MARA. Coinbase indicators include trading volume and several revenue lines, while MARA's covered measure is Bitcoin production.
How do the contracts settle?
Each contract pays a fixed amount when its stated condition is met, and settlement is in cash at expiration. The options are European style, so they can be exercised only at expiration.
Are the contracts tied to the price of Bitcoin?
No. The MARA measure is Bitcoin production, which ties the contract to mining output rather than the BTC market price.
Does the approval cover every binary contract based on company data?
No. Atkins said the order applies only to the specified exchange-traded contracts, and differently structured products remain outside its scope and may fall under CFTC authority.
