Notice2025-11431
Self-Regulatory Organizations; NYSE American LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1 To Amend Certain Rules Related To Flexible Exchange Options on the Grayscale Bitcoin Trust
Primary source
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Published
June 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 118 (Monday, June 23, 2025)</title>
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[Federal Register Volume 90, Number 118 (Monday, June 23, 2025)]
[Notices]
[Page 26634]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11431]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103287; File No. SR-NYSEAMER-2024-78]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change, as Modified by Amendment No. 1 To Amend Certain Rules Related
To Flexible Exchange Options on the Grayscale Bitcoin Trust
June 17, 2025.
On December 13, 2024, NYSE American LLC (``NYSE American'') 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 permit
Flexible Exchange (``FLEX'') options on shares of the Grayscale Bitcoin
Trust. The proposed rule change was published for comment in the
Federal Register on December 27, 2024.\3\ The Commission has received
no comments on the proposed rule change. On February 7, 2025, pursuant
to Section 19(b)(2) of the Act,\4\ 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
approve or disapprove the proposed rule change.\5\ On March 14, 2025,
the Commission instituted proceedings pursuant to Section 19(b)(2)(B)
of the Act \6\ to determine whether to approve or disapprove the
proposed rule change.\7\ On April 25, 2025, NYSE American filed
Amendment No. 1 and the proposed rule change, as modified by Amendment
No. 1, was published for comment in the Federal Register on May 9,
2025.\8\ To date, the Commission has not received comments.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 102014 (Dec. 20,
2024), 89 FR 105669.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102376, 90 FR 9570
(Feb. 13, 2025). The Commission designated March 27, 2025, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 1012675, 90 FR 13229
(Mar. 20, 2025).
\8\ See Securities Exchange Act Release No. 102996 (May 5,
2025), 89 FR 19756.
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Section 19(b)(2) of the Act \9\ 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 December 27, 2024.\10\ June 25, 2025, is 180 days
from that date. The Commission is extending the time period for
approving or disapproving the proposed rule change for an additional 60
days. The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change and the issues raised therein. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\11\ designates August 24,
2025, as the date by which the Commission shall either approve or
disapprove the proposed rule change (File No. SR-NYSEAMER-2024-78).
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\9\ 15 U.S.C. 78s(b)(2).
\10\ See supra note 3.
\11\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11431 Filed 6-20-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on June 23, 2025.
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