Notice2025-12303
Self-Regulatory Organizations; Nasdaq ISE, LLC; 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 Amendments No. 2 and 3, Regarding Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
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 2, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 125 (Wednesday, July 2, 2025)</title>
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[Federal Register Volume 90, Number 125 (Wednesday, July 2, 2025)]
[Notices]
[Page 29086]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12303]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103344; File No. SR-ISE-2024-62]
Self-Regulatory Organizations; Nasdaq ISE, LLC; 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 Amendments No. 2 and 3, Regarding Position and Exercise
Limits for Options on the iShares Bitcoin Trust ETF
June 27, 2025.
On December 20, 2024, pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ Nasdaq ISE, LLC (``Exchange'') filed with the Securities
and Exchange Commission (``Commission'') a proposed rule change to
apply the position and exercise limits in Options 9, Sections 13 and 15
to options on the iShares Bitcoin Trust ETF (``IBIT'') and to provide
for the trading of flexible exchange options on IBIT. The proposed rule
change was published for comment in the Federal Register on January 6,
2025.\3\ On February 20, 2025, pursuant to Section 19(b)(2) of the
Act,\4\ the Commission designated a longer period within which to
approve the proposal, disapprove the proposal, or institute proceedings
to determine whether to disapprove the proposal.\5\ On March 6, 2025,
the Exchange submitted Amendment No. 1 to the proposal, which
superseded the original filing in its entirety. On March 14, 2025, the
Commission published Amendment No. 1 for notice and comment and
instituted proceedings pursuant to Section 19(b)(2)(B) of the Act \6\
to determine whether to approve or disapprove the proposed rule change,
as modified by Amendment No. 1.\7\ On March 26, 2025, the Exchange
withdrew Amendment No. 1 and filed Amendment No. 2, which superseded
Amendment No. 1 in its entirety.\8\ On May 27, 2025, the Exchange filed
Amendment No. 3 to the proposal.\9\
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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. 102065 (Dec. 31,
2024), 90 FR 704. Comments on the proposal are available at: <a href="https://www.sec.gov/comments/sr-ise-2024-62/srise202462.htm">https://www.sec.gov/comments/sr-ise-2024-62/srise202462.htm</a>.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102463, 90 FR 10736
(Feb. 26, 2025).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 102682, 90 FR 13233
(Mar. 20, 2025).
\8\ Amendment No. 2 is available at: <a href="https://www.sec.gov/comments/sr-ise-2024-62/srise202462-593575-1721782.pdf">https://www.sec.gov/comments/sr-ise-2024-62/srise202462-593575-1721782.pdf</a>.
\9\ Amendment No. 3 is available at: <a href="https://www.sec.gov/comments/sr-ise-2024-62/srise202462-606647-1771694.pdf">https://www.sec.gov/comments/sr-ise-2024-62/srise202462-606647-1771694.pdf</a>.
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Section 19(b)(2) of the Act \10\ 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 January 6, 2025.\11\ July 5, 2025, is 180 days from
that date, and September 3, 2025, is 240 days from that date.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See supra note 3.
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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 Amendments No. 2 and 3, so that it has
sufficient time to consider the proposed rule change, as modified by
Amendments No. 2 and 3, and the comments received. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\12\ designates
September 3, 2025, as the date by which the Commission shall either
approve or disapprove the proposed rule change (File No. SR-ISE-2024-
62), as modified by Amendments No. 2 and 3.
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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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-12303 Filed 7-1-25; 8:45 am]
BILLING CODE 8011-01-P
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