Notice2025-17598
Self-Regulatory Organizations; The 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 To List and Trade Shares of the Grayscale Hedera Trust (HBAR) Under Nasdaq Rule 5711(d) (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
September 12, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 175 (Friday, September 12, 2025)</title>
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[Federal Register Volume 90, Number 175 (Friday, September 12, 2025)]
[Notices]
[Pages 44266-44267]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17598]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103918; File No. SR-NASDAQ-2025-021]
Self-Regulatory Organizations; The 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 To List and Trade Shares of the Grayscale Hedera Trust
(HBAR) Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares)
September 9, 2025.
On February 28, 2025, The Nasdaq Stock Market LLC (``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 (``Shares'') of the Grayscale Hedera Trust (HBAR)
(``Trust'') under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares).
The proposed rule change was published for comment in the Federal
Register on March 17, 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. 102569 (Mar. 11,
2025), 90 FR 12395. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2025-021/srnasdaq2025021.htm">https://www.sec.gov/comments/sr-nasdaq-2025-021/srnasdaq2025021.htm</a>.
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On April 29, 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 June 12, 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. 102943, 90 FR 19037
(May 5, 2025). The Commission designated June 15, 2025, as the date
by which the Commission shall approve or 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. 103238, 90 FR 25705
(June 17, 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
[[Page 44267]]
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 17, 2025.\9\ The 180th day after
publication of the proposed rule change is September 13, 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 that it is 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
November 12, 2025, as the date by which the Commission shall either
approve or disapprove the proposed rule change (File No. SR-NASDAQ-
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17598 Filed 9-11-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 12, 2025.
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