Notice2025-16442
Self-Regulatory Organizations; NYSE Arca, 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. 2, To List and Trade Shares of the Grayscale Cardano Trust (ADA) Under NYSE Arca Rule 8.201-E (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 28, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 165 (Thursday, August 28, 2025)</title>
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[Federal Register Volume 90, Number 165 (Thursday, August 28, 2025)]
[Notices]
[Pages 42051-42052]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16442]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103774; File No. SR-NYSEARCA-2025-12]
Self-Regulatory Organizations; NYSE Arca, 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. 2, To List and Trade Shares of the Grayscale
Cardano Trust (ADA) Under NYSE Arca Rule 8.201-E (Commodity-Based Trust
Shares)
August 25, 2025.
On February 10, 2025, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') 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 Grayscale Cardano
Trust (ADA) under NYSE Arca Rule 8.201-E (Commodity-Based Trust
Shares). On February 20, 2025, the Exchange filed Amendment No. 2 to
the proposed rule change, which replaced and superseded the original
filing in its entirety.\3\ The proposed rule change, as modified by
Amendment No. 2, was published for comment in the Federal Register on
February 28, 2025.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ On February 19, 2025, the Exchange filed Amendment No. 1 to
the proposed rule change and on February 20, 2025, the Exchange
withdrew Amendment No. 1.
\4\ See Securities Exchange Act Release No. 102475 (Feb. 24,
2025), 90 FR 10964. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-nysearca-2025-12/srnysearca202512.htm">https://www.sec.gov/comments/sr-nysearca-2025-12/srnysearca202512.htm</a>.
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[[Page 42052]]
On March 11, 2025, pursuant to Section 19(b)(2) of the Exchange
Act,\5\ 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.\6\ On May 28, 2025, the Commission initiated
proceedings under Section 19(b)(2)(B) of the Act \7\ to determine
whether to approve or disapprove the proposed rule change, as modified
by Amendment No. 2.\8\
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\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 102591, 90 FR 12387
(Mar. 17, 2025) (designating May 29, 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. 2).
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 103138, 90 FR 23589
(June 3, 2025).
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Section 19(b)(2) of the Act \9\ 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
28, 2025.\10\ The 180th day after publication of the proposed rule
change is August 27, 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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\9\ 15 U.S.C. 78s(b)(2).
\10\ See supra note 4 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,\11\ designates October 26,
2025, as the date by which the Commission shall either approve or
disapprove the proposed rule change, as modified by Amendment No. 2
(File No. SR-NYSEARCA-2025-12).
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\11\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-16442 Filed 8-27-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 28, 2025.
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