Notice2025-15944
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 To Amend the Rules Governing the Listing and Trading of Shares of the 21Shares Core Ethereum ETF To Permit Staking 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
<html>
<head>
<title>Federal Register, Volume 90 Issue 160 (Thursday, August 21, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 160 (Thursday, August 21, 2025)]
[Notices]
[Page 40879]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15944]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103734; File No. SR-CboeBZX-2025-025]
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 To
Amend the Rules Governing the Listing and Trading of Shares of the
21Shares Core Ethereum ETF To Permit Staking Under BZX Rule 14.11(e)(4)
(Commodity-Based Trust Shares)
August 18, 2025.
On February 12, 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
Ethereum ETF under BZX Rule 14.11(e)(4). The proposed rule change was
published for comment in the Federal Register on February 25, 2025.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 102450 (Feb. 19,
2025), 90 FR 10645. The Commission received no comment letters on
the proposed rule change.
---------------------------------------------------------------------------
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 22, 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\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102598, 90 FR 12385
(Mar. 17, 2025) (The Commission designated May 26, 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. 103109, 90 FR 22796
(May 29, 2025).
---------------------------------------------------------------------------
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
25, 2025.\9\ The 180th day after publication of the proposed rule
change is August 24, 2025. The Commission is extending the time period
for approving or disapproving the proposed rule change for an
additional 60 days.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
\9\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------
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 23,
2025, as the date by which the Commission shall either approve or
disapprove the proposed rule change (File No. SR-CboeBZX-2025-025).
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-15944 Filed 8-20-25; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on August 21, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.