A major exchange operator, Nasdaq PHLX, has filed a proposal with the U.S. Securities and Exchange Commission (SEC) seeking approval for trading options contracts based on a Bitcoin index. This move, if approved, could significantly impact the crypto market by providing more sophisticated investment tools to both retail and institutional investors. The filing is significant because it indicates growing interest from established financial institutions in offering regulated access points to the cryptocurrency world. Large players are drawn to this for its regulatory clarity, familiar financial instruments like options, and risk management tools. However, the SEC has historically been cautious about crypto-related products, and the approval process can be lengthy and involve public comment periods.