Notice2026-01381
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Restrictions on Certain Crypto Assets
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
January 26, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 16 (Monday, January 26, 2026)</title>
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[Federal Register Volume 91, Number 16 (Monday, January 26, 2026)]
[Notices]
[Pages 3265-3268]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01381]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104650; File No. SR-Phlx-2026-02]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Remove
Restrictions on Certain Crypto Assets
January 21, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 7, 2026, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend FLEX Options Trading Rules, Position
Limit Rules and Exercise Limit Rules in connection with the following
options overlying Exchange-Traded Fund Shares: iShares Bitcoin Trust
ETF, the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC,
the Bitwise Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, the
ARK21Shares Bitcoin ETF, the VanEck Bitcoin ETF, the iShares Ethereum
Trust ETF, the Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the
Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings">https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings</a>,
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for
[[Page 3266]]
the proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Options 3A, Section 3, FLEX Option
Listings; Options 3A, Section 18, Position Limits; Options 9, Section
13, Position Limits; and Options 8, Section 34, FLEX Trading in
connection with the following options overlying Exchange-Traded Fund
Shares: iShares Bitcoin Trust ETF, the Grayscale Bitcoin Trust, the
Grayscale Bitcoin Mini Trust BTC, the Bitwise Bitcoin ETF, Fidelity
Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the VanEck
Bitcoin ETF, the iShares Ethereum Trust ETF, the Fidelity Ethereum
Fund, the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the
Grayscale Ethereum Mini Trust (collectively ``the Crypto Assets'').
Each change will be described below.
Background
On September 20, 2024, Nasdaq ISE, LLC (``ISE'') \3\ received
approval to list options on the iShares Bitcoin Trust ETF.\4\ On
November 21, 2024, ISE filed to allow the Exchange to list and trade
options the Fidelity Wise Origin Bitcoin Fund; ARK21Shares Bitcoin ETF;
Grayscale Bitcoin Trust; Grayscale Bitcoin Mini Trust BTC; and Bitwise
Bitcoin ETF.\5\ On August 7, 2025, ISE filed to allow the Exchange to
list and trade options on the Van Eck Bitcoin ETF.\6\ On April 9, 2025,
ISE received approval to list options on the iShares Ethereum Trust
ETF.\7\ On April 9, 2025, ISE filed to list and trade options on the
Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale
Ethereum Trust, and the Grayscale Ethereum Mini Trust.\8\ These
aforementioned approvals and notices permitted ISE to trade the Crypto
Assets subject to a 25,000 contract position and exercise limit and a
restriction on the trading of FLEX Options. As a result of these rule
filings, Phlx made corresponding changes to its position limit rules at
Options 9, Section 13.\9\
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\3\ Phlx Options 4 Rules are incorporated by reference to ISE
Options 4 Rules.
\4\ See Securities Exchange Act Release No. 101128 (September
20, 2024), 89 FR 78942 (September 26, 2024) (SR-ISE-2024-03) (Notice
of Filing of Amendment Nos. 4 and 5 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1,
4, and 5, To Permit the Listing and Trading of Options on the
iShares Bitcoin Trust).
\5\ See Securities Exchange Act Release No. 101744 (November 25,
2024), 89 FR 95309 (December 2, 2024) (SR-ISE-2024-54) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To List
and Trade Various Bitcoin Options).
\6\ See Securities Exchange Act Release No. 103684 (August 12,
2025), 90 FR 39445 (August 15, 2025) (SR-ISE-2025-23) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To List
and Trade Options on the VanEck Bitcoin ETF).
\7\ See Securities Exchange Act Release No. 102798 (April 9,
2025), 90 FR 15757 (April 15, 2025) (SR-ISE-2024-35) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 1, To Permit
the Listing and Trading of Options on the iShares Ethereum Trust).
\8\ See Securities Exchange Act Release No. 102823 (April 11,
2025), 90 FR 16388 (April 17, 2025) (SR-ISE-2025-11) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Rules To Allow the Exchange To List Options on the
Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale
Ethereum Trust, and the Grayscale Ethereum Mini Trust).
\9\ See Securities Exchange Act Release Nos. 101613 (November
13, 2024), 89 FR 91470 (November 19, 2024) (SR-Phlx-2024-53) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Options 9, Section 13, Position Limits, and Options 8, Section
34, FLEX Trading, Regarding Options on the iShares Bitcoin Trust
ETF); and 101734 (November 25, 2024), 89 FR 95253 (December 2, 2024)
(SR-Phlx-2024-64) (Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Options 9, Section 13, Position
Limits, and Options 8, Section 34, FLEX Trading, Regarding Options
on the Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin
ETF, the Grayscale Bitcoin Trust (BTC), the Grayscale Bitcoin Mini
Trust BTC, and the Bitwise Bitcoin ETF); and 102825 (April 11,
2025), 90 FR 16418 (April 17, 2025) (SR-Phlx-2025-18) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Rules To Allow the Exchange To List Options on the iShares
Ethereum Trust, the Fidelity Ethereum Fund, the Bitwise Ethereum
ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini
Trust); and 103691 (August 12, 2025), 90 FR 39459 (August 15, 2025)
(SR-Phlx-2025-36) (Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Position Limits and FLEX Trading for
Options on the VanEck Bitcoin ETF). The Exchange notes that the
exercise limit for an equity option is the same as the position
limit established in Options 9, Section 13 for that equity options.
See Options 9, Section 15.
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On July 29, 2025, ISE received approval to amend the position and
exercise limits for options on the iShares Bitcoin Trust ETF to
eliminate the 25,000 contract position and exercise limits and apply
the position and exercise limits in ISE Options 9, Sections 13 and 15
to IBIT options.\10\ On August 1, 2025, ISE filed to eliminate the
25,000 contract position and exercise limit for options on the
Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC, the
Bitwise Bitcoin ETF.\11\ As a result of these rule filings, Phlx made
corresponding changes to its position limit rules at Options 9, Section
13.\12\ Thereafter, on July 29, 2025, ISE received approval to permit
the trading of FLEX equity options on shares of the iShares Bitcoin
Trust ETF to trade as cash-settled and physically settled FLEX equity
options subject to the position limits set forth in Options 9, Section
13, and subject to the exercise limits set forth in Options 9, Section
15 and those position limits are to be aggregated with positions on the
same non-FLEX underlying ETF for the purpose of calculating the
position limits set forth in Options 9, Section 13, and the exercise
limits set forth in Options 9, Section 15.\13\ On August 1, 2025, ISE
filed to permit the trading of FLEX equity options on shares of the
Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC, the
Bitwise Bitcoin ETF to trade as cash-settled and physically settled
FLEX equity options subject to the position limits set forth in Options
9, Section 13, and subject to the exercise limits set forth in Options
9, Section 15 aggregating those limits with the non-FLEX underlying ETF
limits.\14\ As a result of these rule filings, Phlx made corresponding
changes to its position limit rules at Options 9, Section 13.\15\
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\10\ See Securities Exchange Act Release No. 103564 (July 29,
2025), 90 FR 36229 (August 1, 2024) (SR-ISE-2024-62) (Order
Approving a Proposed Rule Change, as Modified by Amendment Nos. 2
and 3, Regarding Position and Exercise Limits for Options on the
iShares Bitcoin Trust ETF).
\11\ See Securities Exchange Act Release No. 103643 (August 5,
2025), 90 FR 38529 *August 8, 2025) (SR-ISE-2025-22) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
FLEX, Position and Exercise Limit Rules for the Grayscale Bitcoin
Mini Trust ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin
Trust ETF).
\12\ See Securities Exchange Act Release No. 103678 (August 11,
2025), 90 FR 39223 (August 14, 2025) (SR-Phlx-2025-34) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Options 9, Section 13 (Position Limits) and Options 8, Section
34 (FLEX Index, Equity and Currency Options) Regarding Options on
Certain Exchange-Traded Products Holding Bitcoin).
\13\ See Securities Exchange Act Release No. 103563 (July 29,
2025), 90 FR 36242 (August 1, 2025) (SR-ISE-2025-12) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1, To
Permit the Trading of FLEX Options on Shares of the iShares Bitcoin
Trust ETF).
\14\ See Securities Exchange Act Release No. 103643 (August 5,
2025), 90 FR 38529 *August 8, 2025) (SR-ISE-2025-22) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
FLEX, Position and Exercise Limit Rules for the Grayscale Bitcoin
Mini Trust ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin
Trust ETF).
\15\ See Securities Exchange Act Release No. 103678 (August 11,
2025), 90 FR 39223 (August 14, 2025) (SR-Phlx-2025-34) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Options 9, Section 13 (Position Limits) and Options 8, Section
34 (FLEX Index, Equity and Currency Options) Regarding Options on
Certain Exchange-Traded Products Holding Bitcoin).
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[[Page 3267]]
On October 27, 2025, ISE's proposal to permit certain options on
Exchange-Traded Fund Shares that meet certain generic requirements to
be listed as a Commodity-Based Trust was deemed approved.\16\ As
amended, Options 4, Section 3(h)(vi) specifies that ISE may list and
trade interests in a Commodity-Based Trust that meet the generic
criteria of The Nasdaq Stock Market LLC Rule 5711(d) provided the trust
holds a single crypto asset.\17\ Further, a Commodity-Based Trust that
meets the requirements of Options 4, Section 3(h)(vi) must also satisfy
the following requirements: (A) the total global supply of the
underlying crypto asset held by the Commodity-Based Trust has an
average daily market value of at least $700 million over the last 12
months; and (B) the crypto asset held by the Commodity-Based Trust
underlies a derivatives contract that trades on a market with which the
Exchange has a comprehensive surveillance sharing agreement, whether
directly or through common membership in the Intermarket Surveillance
Group.
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\16\ See Securities Exchange Act Release No. 104210 (November
21, 2025), 90 FR 52727 (November 21, 2025) (SR-ISE-2025-08). See
also <a href="https://www.nasdaqtrader.com/MicroNews.aspx?id=OTA2025-48">https://www.nasdaqtrader.com/MicroNews.aspx?id=OTA2025-48</a>.
\17\ The term ``crypto asset'' means an asset that is generated,
issued and/or transferred using a blockchain or similar distributive
ledger technology network including, but not limited to, assets
known as ``tokens,'' ``digital assets,'' ``virtual currencies,'' and
``coins'' and that rely on cryptographic protocols. See Options 4,
Section 3(h)(3).
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Any option approved pursuant to Options 4, Section 3(h)(vi) is
subject to the position limits set forth in Options 9, Section 13, and
subject to the exercise limits set forth in Options 9, Section 15.
Further any option approved pursuant to Options 4, Section 3(h)(vi) is
not restricted from trading as FLEX Options.
Proposal
The Crypto Assets all qualify for listing pursuant to Options 4,
Section 3(h)(vi). As such, similar to other options listed pursuant to
Options 4, Section 3(h)(vi), the Crypto Assets should be subject to the
position limits set forth in Options 9, Section 13, and subject to the
exercise limits set forth in Options 9, Section 15. Also, the Crypto
Assets should not be restricted from trading as FLEX Options.
Position Limits
To that end, the Exchange proposes to remove the 25,000 position
and exercise limit restrictions for Fidelity Wise Origin Bitcoin Fund,
the ARK21Shares Bitcoin ETF, the VanEck Bitcoin ETF, the iShares
Ethereum Trust ETF, the Fidelity Ethereum Fund, the Bitwise Ethereum
ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini
Trust from Options 9, Section 13.
Additionally, the Exchange proposes to remove the rule text at
Options 3A, Section 18(b)(1)(C) which states,
Position limits for FLEX Equity Options on the iShares Bitcoin
Trust, Grayscale Bitcoin Trust, Grayscale Bitcoin Mini Trust, and
Bitwise Bitcoin ETF shall be subject to the position limits set
forth in Options 9, Section 13, and subject to the exercise limits
set forth in Options 9, Section 15 and shall be aggregated with
positions on the same non-FLEX underlying ETF for the purpose of
calculating the position limits set forth in Options 9, Section 13,
and the exercise limits set forth in Options 9, Section 15.
Similar to all other options, FLEX equity options on the iShares
Bitcoin Trust ETF, the Grayscale Bitcoin Trust, the Grayscale Bitcoin
Mini Trust BTC, and the Bitwise Bitcoin ETF would no longer be
aggregated with positions on the same non-FLEX underlying ETF for the
purpose of calculating the position limits set forth in Options 9,
Section 13, and the exercise limits set forth in Options 9, Section 15.
The Exchange notes that similar to all other options, the Grayscale
Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC, and the Bitwise
Bitcoin ETF would not be subject to positions limits for FLEX Equity
Options that are physically settled.
FLEX Options
Similar to all other options, the Exchange would permit the
Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the
VanEck Bitcoin ETF, the iShares Ethereum Trust ETF, the Fidelity
Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale Ethereum Trust,
and the Grayscale Ethereum Mini Trust to trade as FLEX Options. The
Exchange proposes to remove the following text from Options 3A, Section
3(a), ``(except the Fidelity Wise Origin Bitcoin Fund, the ARK21Shares
Bitcoin ETF, the VanEck Bitcoin ETF, the iShares Ethereum Trust ETF,
the Fidelity Ethereum Fund, the Bitwise Ethereum ETF, the Grayscale
Ethereum Trust, and the Grayscale Ethereum Mini Trust).'' Additionally,
the Exchange proposes to amend Options 8, Section 34(a) and (e)(2) to
remove corresponding rule text.\18\
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\18\ Phlx, as part of a technology migration, relocated Options
8, Section 34(e) to a new subparagraph (i). The Exchange would
remove this rule text from new subparagraph (i) as a result of the
relocation. See Securities Exchange Act Release No. 97658 (June 7,
2023), 88 FR 38562 (June 13, 2023) (SR-Phlx-2023-22) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Various Options 8 Rules).
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With this proposal, Crypto Assets that qualify to be listed
pursuant to Options 4, Section 3(h)(vi) would be treated similar to all
other options for purposes of position and exercise limits and FLEX
Option trading.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\20\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
(6)(b)(5) \21\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
\21\ 15 U.S.C. 78(f)(b)(5).
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The Exchange's proposal to permit the Crypto Assets, which qualify
for listing pursuant to Options 4, Section 3(h)(vi), to be subject to
the position limits set forth in Options 9, Section 13, and subject to
the exercise limits set forth in Options 9, Section 15 similar to all
other options is consistent with the Act as this treatment promotes
just and equitable principles of trade. Further, the Exchange's
proposal to permit the Crypto Assets, which qualify for listing
pursuant to Options 4, Section 3(h)(vi), to trade as FLEX Options,
similar to all other options is consistent with the Act as this
treatment promotes just and equitable principles of trade.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that the proposed rule change will
impose any burden on intra-market competition because the Crypto Assets
that qualify to be listed pursuant to Options 4, Section 3(h)(vi) would
be treated similar to all other options for purposes of position
[[Page 3268]]
and exercise limits and FLEX Option trading.
The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the proposal is not
competitive in nature. The Exchange expects that all option exchanges
will adopt substantively similar proposals, such that the Exchange's
proposal would benefit competition. For these reasons, the Exchange
does not believe that the proposed rule change will impose any burden
on competition not necessary or appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative prior to 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, if consistent
with the protection of investors and the public interest, the proposed
rule change has become effective pursuant to Section 19(b)(3)(A)(iii)
of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \24\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\25\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
waiver of the operative delay will allow the Exchange to treat Crypto
Assets in the same manner as all other options that qualify for listing
pursuant to Options 4, Section 3(h)(vi). The Exchange also states that
the proposal does not significantly affect the protection of investors
or the public interest because any Crypto Asset that qualifies for
listing pursuant to Options 4, Section 3(h)(vi) is subject to the
position and exercise limits set forth in Options 9, Sections 13 and 15
and trade as FLEX Options. For these reasons, and because the proposal
does not raise new or novel regulatory issues, the Commission believes
that waiver of the operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission hereby
waives the 30-day operative delay and designates the proposal operative
upon filing.\26\
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\24\ 17 CFR 240.19b-4(f)(6).
\25\ 17 CFR 240.19b-4(f)(6)(iii).
\26\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \27\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\27\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0674736a632b65696b6b636872754675636528616970"><span class="__cf_email__" data-cfemail="6e1c1b020b430d0103030b001a1d2e1d0b0d40090118">[email protected]</span></a>. Please include
file number SR-Phlx-2026-02 on the subject line.
Paper Comments:
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-Phlx-2026-02. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-Phlx-2026-02 and should be submitted on
or before February 17, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01381 Filed 1-23-26; 8:45 am]
BILLING CODE 8011-01-P
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