Notice2025-03582
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Options on the Fidelity Ethereum Fund
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
March 6, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 43 (Thursday, March 6, 2025)</title>
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[Federal Register Volume 90, Number 43 (Thursday, March 6, 2025)]
[Notices]
[Page 11449]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03582]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102506; File No. SR-CBOE-2024-036]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment No. 1, To List and Trade Options on the Fidelity
Ethereum Fund
February 28, 2025.
On August 19, 2024, Cboe Exchange, Inc. (``Exchange'') filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
options on Units \3\ that represent interests in Ethereum exchange-
traded products. The proposed rule change was published for comment in
the Federal Register on September 4, 2024.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Cboe Rule 1.1 defines a ``Unit'' (which may also be referred
to as an exchange-traded fund (``ETF'')) as a share or other
security traded on a national securities exchange and defined as an
NMS stock as set forth in Rule 4.3.
\4\ See Securities Exchange Act Release No. 100862 (Aug. 28,
2024), 89 FR 72146.
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On October 11, 2024, pursuant to Section 19(b)(2) of the Act,\5\
the Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\6\ On November 14, 2024, the Commission instituted proceedings
pursuant to Section 19(b)(2)(B) of the Act \7\ to determine whether to
approve or disapprove the proposed rule change.\8\ On January 21, 2025,
the Exchange submitted Amendment No. 1 to the proposal.\9\ The
Commission received comments regarding the proposal.\10\
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\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 101321, 89 FR 83723
(Oct. 17, 2024).
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 101631, 89 FR 91811
(Nov. 20, 2024).
\9\ Among other things, Amendment No. 1 narrows the scope of the
proposal from listing and trading options on Units that represent
interests in nine Ethereum exchange-traded products to listing and
trading options on Units that represent interests in just the
Fidelity Ethereum Fund; sets position and exercise limits for
options on the Fidelity Ethereum Fund at 25,000; states the Fidelity
Ethereum Fund options will be excluded from trading as Flexible
Exchange options; and provides additional details regarding
surveillance. Amendment No. 1 is available at: <a href="https://www.sec.gov/comments/sr-cboe-2024-036/srcboe2024036-575275-1648743.pdf">https://www.sec.gov/comments/sr-cboe-2024-036/srcboe2024036-575275-1648743.pdf</a>.
\10\ Comments on the proposal are available at: <a href="https://www.sec.gov/comments/sr-cboe-2024-036/srcboe2024036.htm">https://www.sec.gov/comments/sr-cboe-2024-036/srcboe2024036.htm</a>.
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Section 19(b)(2) of the Act \11\ 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
proposed rule change was published for notice and comment in the
Federal Register on September 4, 2024. March 3, 2025 is 180 days from
that date, and May 2, 2025 is 240 days from that date.
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\11\ 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 approving or disapproving the proposed
rule change, as modified by Amendment No. 1, so that it has sufficient
time to consider the proposed rule change, as modified by Amendment No.
1. Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\12\ designates May 2, 2025 as the date by which the Commission
shall either approve or disapprove the proposed rule change, as
modified by Amendment No. 1 (File No. SR-CBOE-2024-036).
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\12\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-03582 Filed 3-5-25; 8:45 am]
BILLING CODE 8011-01-P
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