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XRP The U.S. Securities and Exchange Commission publicly solicits opinions on Cboe's proposal to launch 3 times leverage bitcoin and Ethereum ETFs
The U.S. Securities and Exchange Commission (SEC) has opened a public comment period on Cboe's application to list 3 times leverage bitcoin and Ethereum ETFs, advancing a much-watched leveraged crypto product to the next procedural stage of regulatory review.
Quick overview of key points
The SEC has opened a comment period on Cboe's 3x Bitcoin and Ethereum ETF proposals.
The application aims to launch the first 3x leveraged Bitcoin and Ethereum products in the United States.
is still under review and is not approved.
What the SEC comment period means for Cboe's triple Bitcoin and Ethereum ETF proposals
The proposal was initiated by Cboe's BZX exchange, which has submitted a rule change application to the SEC to list and trade the above-mentioned leveraged funds. A corresponding document issued by the SEC lists the terms for public solicitation. The public comment period is a standard part of the SEC's review of proposed rule changes. During this period, market participants, investors and other interested parties may submit written feedback for the SEC to weigh before making a decision. This is not final, and the opening of the comment period does not predict how the SEC will make a final ruling.
Cboe is seeking approval to launch the first 3x leveraged Bitcoin and Ethereum ETFs in the United States. Details of the application have been announced in the proposed rule change notice issued by the SEC.
Why 3x leveraged Bitcoin and Ethereum ETF applications attract much attention
The "3x" fund aims to achieve three times the daily return on its underlying assets, amplifying gains and losses compared to directly holding spot Bitcoin or Ethereum. It is this structure that distinguishes it from ordinary spot ETFs.
Leverage is the core focus
Leveraged encryption products are often subject to more stringent scrutiny precisely because this amplification effect is two-way. Cboe only advanced the 3-fold leverage proposal after the 2-fold leveraged crypto fund lost as much as 96%. Including Bitcoin and Ethereum in the same application also expands the market attention surrounding the review.
As background, regulators are dealing with other crypto ETF-related matters, and the SEC is also separately reviewing an "85% proposal" related to Bitcoin and XRP ETF listings, highlighting the current active application process.
What should crypto investors and market observers focus on next
Opening the comment period means there may be further review steps in the future. The usual process is: After public comments are over, the SEC continues to evaluate, and then makes a formal decision or extends the review time again.
Points to Focus on
Readers should pay attention to the SEC's official updates on the application, as well as any responses directly related to the Cboe application. Demand-side signals are also important: recent outflows of approximately 77,000 BTC from spot Bitcoin ETFs have left retail investors, while Ethereum's own ETF story continues to attract inflows. These developments will affect how the market is likely to react if the leveraged product passes review.
Currently, the application is still pending review by the SEC, and the comment window is the next specific point on the calendar that anyone who cares about leveraged crypto ETFs needs to pay attention to.
