Notice2025-15833
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change To List and Trade Nasdaq Bitcoin Index Options
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
August 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 159 (Wednesday, August 20, 2025)</title>
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[Federal Register Volume 90, Number 159 (Wednesday, August 20, 2025)]
[Notices]
[Page 40687]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15833]
[[Page 40687]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103719; File No. SR-Phlx-2025-08]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of
Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove Proposed Rule Change To List
and Trade Nasdaq Bitcoin Index Options
August 15, 2025.
On February 4, 2025, Nasdaq PHLX LLC (``Phlx'' or ``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
introduce a new index options product, Nasdaq Bitcoin Index Options.
The proposed rule change was published for comment in the Federal
Register on February 24, 2025.\3\ On March 12, 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
disapprove the proposed rule change.\5\ On May 23, 2025, the Commission
issued an order instituting proceedings under Section 19(b)(2)(B) of
the Act \6\ to determine whether to approve or disapprove the proposed
rule change (``Order Instituting Proceedings'').\7\
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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. 102440 (Feb. 18,
2025), 90 FR 10545 (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102628 (Mar. 12,
2025), 90 FR 12587 (Mar. 18, 2025) (designating August 23, 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. 103118, 90 FR 23089
(May 30, 2025). The Commission has received a letter from the
Exchange to supplement its proposal. Comments are available at:
<a href="https://www.sec.gov/comments/sr-phlx-2025-08/srphlx202508.htm">https://www.sec.gov/comments/sr-phlx-2025-08/srphlx202508.htm</a>.
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Section 19(b)(2) of the Act \8\ provides that, after initiating
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
February 24, 2025.\9\ August 23, 2025, is 180 days from that date, and
October 22, 2025, is 240 days from that date.
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\8\ 15 U.S.C. 78s(b)(2).
\9\ See Notice, 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 so that it has sufficient time to consider the proposed
rule change and letter from the Exchange. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\10\ designates October 24,
2025, as the date by which the Commission shall either approve or
disapprove the proposed rule change (File No. SR-PHLX-2025-08).
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\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-15833 Filed 8-19-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 20, 2025.
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