The SEC classified the binary KPI options as National Market System securities subject to standard securities exchange rules covering customer accounts, margin management, trading halts, and market-maker quoting duties.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.