Notice2025-16821
Self-Regulatory Organizations; Nasdaq Stock Market LLC; 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 Amend Nasdaq Rule 5711(i) (Trust Units) and To List and Trade Shares of the Hashdex Nasdaq Crypto Index US ETF Under Nasdaq Rule 5711(i)
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
September 3, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 168 (Wednesday, September 3, 2025)</title>
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[Federal Register Volume 90, Number 168 (Wednesday, September 3, 2025)]
[Notices]
[Pages 42637-42638]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16821]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103806; File No. SR-NASDAQ-2025-016]
Self-Regulatory Organizations; Nasdaq Stock Market LLC; 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 Amend Nasdaq Rule 5711(i) (Trust Units)
and To List and Trade Shares of the Hashdex Nasdaq Crypto Index US ETF
Under Nasdaq Rule 5711(i)
August 28, 2025.
On February 18, 2025, The Nasdaq Stock Market LLC (``Nasdaq'')
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
adopt new Nasdaq Rule 5712 to provide for the listing and trading of
Commodity- and Digital Asset-Based Investment Interests, and to list
and trade shares of the Hashdex Nasdaq Crypto Index US ETF under
proposed Nasdaq Rule 5712. On February 27, 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superseded the original filing in its entirety.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 March 7, 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. 102513 (Mar. 3,
2025), 90 FR 11563. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2025-016/srnasdaq2025016.htm">https://www.sec.gov/comments/sr-nasdaq-2025-016/srnasdaq2025016.htm</a>.
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On April 17, 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, as modified by Amendment No. 1.\5\ On June 4, 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, as modified by Amendment No. 1.\7\ On July 3, 2025, the
Exchange filed Amendment No. 2 to the proposed rule change, which
replaced and superseded the proposed rule change, as modified by
Amendment No. 1, in its entirety.\8\
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102885, 90 FR 17092
(Apr. 23, 2025). The Commission designated June 5, 2025, as the date
by which the Commission shall approve or 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. 103194, 90 FR 24441
(June 10, 2025).
\8\ In Amendment No. 2, the Exchange withdrew its proposal to
adopt new Nasdaq Rule 5712 and instead proposed to amend Nasdaq Rule
5711(i) (Trust Units) and to list and trade shares of the Hashdex
Nasdaq Crypto Index US ETF under amended Nasdaq Rule 5711(i).
Amendment No. 2 is available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2025-016/srnasdaq2025016-625947-1849074.pdf">https://www.sec.gov/comments/sr-nasdaq-2025-016/srnasdaq2025016-625947-1849074.pdf</a>.
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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 March 7,
2025.\10\ The 180th day after publication of the proposed rule change
is September 3, 2025. The Commission is extending the time period for
approving
[[Page 42638]]
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 3 and accompanying text.
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The Commission finds that it is appropriate to designate a longer
period within which to issue an order approving or disapproving the
proposed rule change, as modified by Amendment No. 2, 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 November 2, 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-NASDAQ-2025-
016).
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\11\ 15 U.S.C. 78s(b)(2).
\12\ 17 CFR 200.30-3(a)(57).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-16821 Filed 9-2-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 3, 2025.
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