Nasdaq just dropped SR-ISE-2026-42 — a filing to standardize crypto ETF options without needing fresh SEC approval every time. Covers $BTC, $ETH, $SOL, $XRP, $LINK, $HBAR. While Congress sits on the CLARITY Act for 11 months, Nasdaq wrote its own rules and filed them today.

Here's what matters:

✅ Trusts need $700M average daily global market cap
✅ 85% of holdings must trade on surveilled derivatives markets
✅ 15% wiggle room for smaller caps
✅ Swapped "crypto asset" for "digital commodity" — explicitly excluding securities

That wording isn't casual. Nasdaq just drew a jurisdictional line Congress was supposed to draw. They didn't wait. They moved.

21-day public comment window once it hits the Federal Register.

This is institutional infrastructure being built in real time. Not hype. Not narrative. Actual product frameworks that let TradFi plug into digital assets at scale.

If this goes through, it's a green light for options on the biggest crypto ETFs. More liquidity. More hedging tools. More legitimacy.

Watch how fast the comment period closes and whether the SEC pushes back or stays quiet. That'll tell you everything about where we're headed next.