Can a Crypto Options Contract Be Classified as a Security-Based Swap?

Generally, no. Options contracts are distinct from swaps.

However, if a crypto asset is deemed a security, an options contract on that asset would be a security-based option , falling under SEC jurisdiction. While options and swaps are both derivatives, they are treated differently under the Dodd-Frank Act.

The key is the underlying asset's classification (security vs. commodity) and the specific structure of the derivative contract.