Self-Regulatory Organizations; NYSE Arca, Inc.; Order Scheduling Filing of Statements on Review of an Order Approving a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Rule 8.500-E (Trust Units) and To List and Trade Shares of the Grayscale Digital Large Cap Fund LLC Under Amended NYSE Arca Rule 8.500-E (Trust Units)

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Published

August 1, 2025

Issuing agencies

Securities and Exchange Commission

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[Federal Register Volume 90, Number 146 (Friday, August 1, 2025)]
[Notices]
[Pages 36231-36232]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14540]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103562; File No. SR-NYSEARCA-2024-87]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Scheduling 
Filing of Statements on Review of an Order Approving a Proposed Rule 
Change, as Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Rule 
8.500-E (Trust Units) and To List and Trade Shares of the Grayscale 
Digital Large Cap Fund LLC Under Amended NYSE Arca Rule 8.500-E (Trust 
Units)

July 29, 2025.
    On October 15, 2024, NYSE Arca, Inc. (``NYSE Arca'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to adopt certain listing rules 
and to list and trade shares of the Grayscale Digital Large Cap Fund 
LLC. The proposed rule change was published for comment in the Federal 
Register on November 4, 2024.\3\
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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. 101470 (Oct. 29, 
2024), 89 FR 87681 (Nov. 4, 2024). Comments on the proposed rule 
change are available at: <a href="https://www.sec.gov/comments/sr-nysearca-2024-87/srnysearca202487.htm">https://www.sec.gov/comments/sr-nysearca-2024-87/srnysearca202487.htm</a>.
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    On December 17, 2024, pursuant to Section 19(b)(2) of the Exchange 
Act,\4\

[[Page 36232]]

the Division of Trading and Markets (``Division''), pursuant to 
delegated authority, extended the time period for Commission action on 
the proposed rule change.\5\ On January 31, 2025, the Division, 
pursuant to delegated authority, instituted proceedings pursuant to 
Section 19(b)(2)(B) of the Exchange Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\ On April 29, 2025, 
the Division, pursuant to delegated authority, designated a longer 
period for Commission action on proceedings to determine whether to 
approve or disapprove the proposed rule change.\8\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 101939 (Dec. 17, 
2024), 89 FR 104581 (Dec. 23, 2024) (designating February 2, 2025, 
as the date by which the Commission shall either approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 102313 (Jan. 31, 
2025), 90 FR 9092 (Feb. 6, 2025).
    \8\ See Securities Exchange Act Release No. 102941 (Apr. 29, 
2025), 90 FR 19037 (May 5, 2025) (designating July 2, 2025, as the 
date by which the Commission shall either approve or disapprove the 
proposed rule change).
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    On June 26, 2025, the Exchange filed Amendment No. 1 to the 
proposed rule change, which replaced and superseded the proposed rule 
change in its entirety. The proposed rule change, as modified by 
Amendment No. 1, was published for comment in the Federal Register on 
July 2, 2025.\9\
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    \9\ See Securities Exchange Act Release No. 103345 (June 27, 
2025), 90 FR 29057 (July 2, 2025).
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    On July 1, 2025, the Division, acting on behalf of the Commission 
by delegated authority,\10\ approved the proposed rule change, as 
modified by Amendment No. 1, on an accelerated basis.\11\ On July 1, 
2025, the Deputy Secretary of the Commission notified NYSE Arca that, 
pursuant to Commission Rule of Practice 431,\12\ the Commission would 
review the Division's action pursuant to delegated authority and that 
the Division's action pursuant to delegated authority was stayed until 
the Commission orders otherwise.\13\
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    \10\ 17 CFR 200.30-3(a)(12).
    \11\ See Securities Exchange Act Release No. 103364 (July 1, 
2025), 90 FR 29923 (July 7, 2025).
    \12\ 17 CFR 201.431.
    \13\ See Letter from J. Matthew DeLesDernier, Deputy Secretary, 
Commission, to Le-Anh Bui, Senior Counsel, NYSE Group, Inc., dated 
July 1, 2025, available at <a href="https://www.sec.gov/files/rules/sro/nysearca/2025/sr-nysearca-2024-87-rule-431-letter-2025-07-01.pdf">https://www.sec.gov/files/rules/sro/nysearca/2025/sr-nysearca-2024-87-rule-431-letter-2025-07-01.pdf</a>.
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    Accordingly, it is ordered, pursuant to Commission Rule of Practice 
431, that by August 22, 2025, any party or other person may file a 
statement in support of, or in opposition to, the action made pursuant 
to delegated authority.
    It is further ordered that the order approving proposed rule change 
SR-NYSEARCA-2024-87 shall remain stayed pending further order of the 
Commission.

    By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14540 Filed 7-31-25; 8:45 am]
BILLING CODE 8011-01-P


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