Notice2025-15942
Self-Regulatory Organizations; Cboe BZX 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 Shares of the 21Shares Core XRP Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
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 21, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 160 (Thursday, August 21, 2025)</title>
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[Federal Register Volume 90, Number 160 (Thursday, August 21, 2025)]
[Notices]
[Page 40874]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15942]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103732; File No. SR-CboeBZX-2025-021]
Self-Regulatory Organizations; Cboe BZX 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 Shares of the 21Shares
Core XRP Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
August 18, 2025.
On February 6, 2025, Cboe BZX Exchange, Inc. (``BZX'' 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 list and trade shares of the 21Shares Core XRP
Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. On
February 12, 2025, the Exchange filed Amendment No. 1 to the proposed
rule change, which replaced and superseded the original filing in its
entirety. The proposed rule change, as modified by Amendment No. 1, was
published for comment in the Federal Register on February 21, 2025.\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. 102426 (Feb. 14,
2025), 90 FR 10093. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-cboebzx-2025-021/srcboebzx2025021.htm">https://www.sec.gov/comments/sr-cboebzx-2025-021/srcboebzx2025021.htm</a>.
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On March 11, 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 20, 2025, the Commission initiated proceedings under
Section 19(b)(2)(B) of the Act \6\ to determine whether to approve or
disapprove the proposed rule change.\7\
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102600, 90 FR 12408
(Mar. 17, 2025). (designating May 22, 2025, as the date by which the
Commission shall either approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change, as modified by Amendment No. 1).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 103080, 90 FR 22367
(May 27, 2025).
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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 comment in the Federal Register on February
21, 2025.\9\ The 180th day after publication of the proposed rule
change is August 20, 2025. The Commission is extending the time period
for approving or disapproving the proposed rule change for an
additional 60 days.
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\8\ 15 U.S.C. 78s(b)(2).
\9\ See supra note 3 and accompanying text.
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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 the issues raised therein. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\10\ designates October 19,
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-CboeBZX-2025-021).
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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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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-15942 Filed 8-20-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 21, 2025.
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