Notice2024-16303
Self-Regulatory Organizations; BOX Exchange LLC; Cboe Exchange, Inc.; MIAX International Securities Exchange LLC; MIAX PEARL LLC; Nasdaq ISE, LLC; NYSE American LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Permit the Listing and Trading of Options on Trusts That Hold Bitcoin
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 25, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 143 (Thursday, July 25, 2024)</title>
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[Federal Register Volume 89, Number 143 (Thursday, July 25, 2024)]
[Notices]
[Pages 60482-60483]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16303]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100567; File Nos. SR-BOX-2024-07; SR-CBOE-2024-005; SR-
ISE-2024-03; SR-ISE-2024-14; SR-MIAX-2024-03; SR-NYSEAMER-2024-10; SR-
PEARL-2024-03]
Self-Regulatory Organizations; BOX Exchange LLC; Cboe Exchange,
Inc.; MIAX International Securities Exchange LLC; MIAX PEARL LLC;
Nasdaq ISE, LLC; NYSE American LLC; Notice of Designation of a Longer
Period for Commission Action on Proceedings To Determine Whether To
Approve or Disapprove Proposed Rule Changes To Permit the Listing and
Trading of Options on Trusts That Hold Bitcoin
July 19, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ BOX
Exchange LLC (``BOX''); Cboe Exchange, Inc. (``Cboe Options''); MIAX
International Securities Exchange LLC (``MIAX''); MIAX PEARL LLC
(``MIAX Pearl''); Nasdaq ISE, LLC (``ISE''); and NYSE American LLC
(``NYSE American'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule changes to list and trade options on
exchange-traded product shares that represent interests in either a
specified bitcoin trust or in any trust that holds bitcoin, as
described below (each, a ``Proposal'' and collectively, the
``Proposals''). Specifically, ISE proposed to list and trade options on
shares that represent interests in the iShares Bitcoin Trust.\3\ BOX,
Cboe Options, MIAX, MIAX Pearl and, in a second filing, ISE, proposed
to list and trade options on shares that represent interests in a trust
that holds bitcoin.\4\ NYSE American proposed to list and trade options
on shares that represent interests in the Bitwise Bitcoin ETF, the
Grayscale Bitcoin Trust, and on any trust that holds bitcoin.\5\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See File No. SR-ISE-2024-03 (``ISE iShares Proposal''),
filed Jan. 9, 2024. On January 10, 2024, the Commission approved
proposals by NYSE Arca, Inc., The Nasdaq Stock Market LLC, and Cboe
BZX Exchange, Inc. to list and trade the shares of 11 bitcoin-based
commodity-based trust shares and trust units, including the iShares
Bitcoin Trust, the Grayscale Bitcoin Trust, and the Bitwise Bitcoin
ETF. See Securities Exchange Act Release No. 99306 (Jan. 10, 2024),
89 FR 3008 (Jan. 17, 2024) (order approving File Nos. SR-NYSEARCA-
2021-90; SR-NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-
016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038;
SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072).
\4\ See File Nos. SR-BOX-2024-07 (``BOX Proposal''), filed Mar.
11, 2024; SR-CBOE-2024-005 (``Cboe Options Proposal''), filed Jan.
5, 2024; SR-ISE-2024-14 (``ISE Trust Proposal''), filed Mar. 19,
2024; SR-MIAX-2024-03 (``MIAX Proposal''), filed Jan. 12, 2024; SR-
PEARL-2024-03 (``MIAX Pearl Proposal''), filed Jan. 12, 2024.
\5\ See File No. SR-NYSEAMER-2024-10 (``NYSE American
Proposal''), filed Feb. 9, 2024.
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On January 25, 2024, the Cboe Options Proposal,\6\ the ISE iShares
Proposal,\7\ the MIAX Proposal,\8\ and the MIAX Pearl Proposal \9\ were
published for comment in the Federal Register. On March 6, 2024,
pursuant to Section 19(b)(2) of the Act,\10\ the Commission designated
a longer period within which to approve these proposals, disapprove the
proposals, or institute proceedings to determine whether to disapprove
the proposals.\11\ The NYSE American Proposal was published for comment
in the Federal Register on February 29, 2024.\12\ On April 8, 2024,
pursuant to Section 19(b)(2) of the Act,\13\ the Commission designated
a longer period within which to approve the proposal, disapprove the
proposal, or institute proceedings to determine whether to disapprove
the NYSE American Proposal.\14\ On March 25, 2024, the BOX Proposal
\15\ and the ISE Trust Proposal \16\ were published for comment in the
Federal Register. The Commission received comments addressing the BOX
Proposal,\17\ the Cboe Options
[[Page 60483]]
Proposal,\18\ the ISE iShares Proposal,\19\ the ISE Trust Proposal,\20\
the MIAX Proposal,\21\ the MIAX Pearl Proposal,\22\ and the NYSE
American Proposal.\23\ On April 24, 2024, the Commission instituted
proceedings pursuant to Section 19(b)(2)(B) of the Act \24\ to
determine whether to approve or disapprove the proposed rule
changes.\25\
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\6\ See Securities Exchange Act Release Nos. 99395 (Jan. 19,
2024), 89 FR 5075.
\7\ See. Securities Exchange Act Release No. 99396 (Jan. 19,
2024), 89 FR 5047.
\8\ See Securities Exchange Act Release No. 99397 (Jan. 19,
2024), 89 FR 5079.
\9\ See Securities Exchange Act Release No. 99394 (Jan. 19,
2024), 89 FR 5058.
\10\ 15 U.S.C. 78s(b)(2).
\11\ See Securities Exchange Act Release Nos. 99680 (Mar. 6,
2024), 89 FR 17887 (Mar. 12, 2024) (Cboe Options Proposal); 99682
(Mar. 6, 2024), 89 FR 17887 (Mar. 12, 2024) (MIAX Pearl Proposal);
99684 (Mar. 6, 2024), 89 FR 17887 (Mar. 12, 2024) (MIAX Proposal);
99681 (Mar. 6, 2024), 89 FR 17886 (Mar. 12, 2024) (ISE iShares
Proposal). The Commission designated April 24, 2024, as the date by
which the Commission shall approve or disapprove, or institute
proceedings to determine whether to approve or disapprove, the
proposed rule changes.
\12\ See Securities Exchange Act Release No. 99593 (Feb. 23,
2024), 89 FR 14911.
\13\ 15 U.S.C. 78s(b)(2).
\14\ See Securities Exchange Act Release No. 99921 (Apr. 8,
2024), 89 FR 25908 (Apr. 12, 2024).
\15\ See Securities Exchange Act Release No. 99777 (Mar. 19,
2024), 89 FR 20712.
\16\ See Securities Exchange Act Release No. 99776 (Mar. 19,
2024), 89 FR 20717.
\17\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-box-2024-07/srbox202407.htm">https://www.sec.gov/comments/sr-box-2024-07/srbox202407.htm</a>.
\18\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-cboe-2024-005/srcboe2024005.htm">https://www.sec.gov/comments/sr-cboe-2024-005/srcboe2024005.htm</a>.
\19\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-ise-2024-03/srise202403.htm">https://www.sec.gov/comments/sr-ise-2024-03/srise202403.htm</a>.
\20\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-ise-2024-14/srise202414.htm">https://www.sec.gov/comments/sr-ise-2024-14/srise202414.htm</a>.
\21\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-miax-2024-03/srmiax202403.htm">https://www.sec.gov/comments/sr-miax-2024-03/srmiax202403.htm</a>.
\22\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-pearl-2024-03/srpearl202403.htm">https://www.sec.gov/comments/sr-pearl-2024-03/srpearl202403.htm</a>.
\23\ Comment letters on the proposed rule change are available
at <a href="https://www.sec.gov/comments/sr-nyseamer-2024-10/srnyseamer202410.htm">https://www.sec.gov/comments/sr-nyseamer-2024-10/srnyseamer202410.htm</a>.
\24\ 15 U.S.C. 78s(b)(2)(B).
\25\ See Securities Exchange Act Release No. 100024, 89 FR 34290
(Apr. 30, 2024).
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Section 19(b)(2) of the Act \26\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The Cboe
Options Proposal, the ISE iShares Proposal, the MIAX Proposal, and the
MIAX Pearl Proposal were published for notice and comment in the
Federal Register on January 25, 2024. July 23, 2024, is 180 days from
that date. The NYSE American Proposal was published for notice and
comment in the Federal Register on February 29, 2024. August 27, 2024,
is 180 days from that date. The BOX Proposal and the ISE Trust Proposal
were published for notice and comment in the Federal Register on March
25, 2024. September 21, 2024, is 180 days from that date.
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\26\ 15 U.S.C. 78s(b)(2).
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The Commission finds it appropriate to designate a longer period
within which to issue an order(s) approving or disapproving the
Proposals so that it has sufficient time to consider the Proposals and
the issues raised therein. Accordingly, the Commission, pursuant to
Section 19(b)(2) of the Act,\27\ designates September 21, 2024, as the
date by which the Commission shall either approve or disapprove the
Cboe Options Proposal, the ISE iShares Proposal, the MIAX Proposal, and
the MIAX Pearl Proposal (File Nos. SR-CBOE-2024-005; SR-ISE-2024-03;
SR-MIAX-2024-03; and SR-PEARL-2024-03); October 26, 2024, as the date
by which the Commission shall either approve or disapprove the NYSE
American Proposal (File No. SR-NYSEAMER-2024-10); and November 20,
2024, as the date by which the Commission shall either approve or
disapprove the BOX Proposal and the ISE Trust Proposal (File Nos. SR-
BOX-2024-07 and ISE-2024-14).
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\27\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-16303 Filed 7-24-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on July 25, 2024.
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