Timeline
- 7.5
Coinbase Global (COIN) Wins SEC Backing For Binaries And Flags Bitcoin Quantum Risk
The SEC approved a securities-exchange rule change allowing standardized binary options that pay a predetermined cash amount when a specified company performance condition is met, covering metrics such as Coinbase trading volume, MARA's Bitcoin production and Robinhood indicators. Coinbase separately flagged quantum-computing risk to Bitcoin. The approval gives US securities exchanges a rule-based path to list event-driven contracts tied to crypto-company operating metrics, extending regulated derivatives access around digital-asset firms rather than only spot tokens. The contracts were cleared under existing securities-exchange rules rather than through a new crypto-specific framework. The same report notes Coinbase is working with Evernorth as it shifts to active management of a sizeable XRP treasury in 2026.
- 7.5
Traders will soon be able to bet on whether Coinbase, Robinhood and Marathon will hit their targets
The SEC approved a rule change filed by Cboe Global Markets, in a statement dated Oct. 13, to list binary options tied to key performance indicators of 23 U.S.-listed companies, including Coinbase trading volume, Robinhood customer count and revenue, and MARA Holdings bitcoin production. Cboe plans to list the contracts this month, and Robinhood is expected to be the first brokerage to offer them to retail investors. As Eleanor Terrett, host of Crypto America, said on X, this creates a new way to trade crypto-linked company performance beyond betting directly on bitcoin's price, and the SEC approved this specific securities-options structure while leaving room for differently structured contracts to fall under CFTC jurisdiction. The contracts are cash-settled and European-style, meaning they can only be exercised at expiration, and they will settle on figures in companies' SEC filings rather than numbers in earnings presentations. SEC Chairman Paul Atkins said the approval does not touch similar contracts overseen by the CFTC, such as those on prediction market platform Kalshi.