Notice2026-07135
Self-Regulatory Organizations; NYSE American LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Options on the Grayscale CoinDesk Crypto 5 ETF
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
April 14, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 71 (Tuesday, April 14, 2026)</title>
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[Federal Register Volume 91, Number 71 (Tuesday, April 14, 2026)]
[Notices]
[Pages 19231-19233]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07135]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105187; File No. SR-NYSEAMER-2025-74]
Self-Regulatory Organizations; NYSE American LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To List and Trade Options on the Grayscale
CoinDesk Crypto 5 ETF
April 9, 2026.
I. Introduction
On December 29, 2025, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the ``Act'' or the ``Exchange
Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposal to list and trade
options on the Grayscale CoinDesk Crypto 5 ETF (``GDLC''). The proposed
rule change was published for comment in the Federal Register on
January 12, 2026.\3\ On January 30, 2026, pursuant to Section 19(b)(2)
of the Exchange Act,\4\ the Commission designated a longer period
within which to either approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
[[Page 19232]]
disapprove the proposed rule change.\5\ This order institutes
proceedings under Section 19(b)(2)(B) of the Exchange Act \6\ to
determine whether to approve or disapprove the proposed rule change.
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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. 104552 (Jan. 7,
2026), 91 FR 1222 (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 104761 (Jan. 30,
2026), 91 FR 5117 (Feb. 4, 2026). The Commission designated April
12, 2026, as the date by which it shall approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change
As described more fully in the Notice,\7\ the Exchange proposes to
list and trade options on GLDC, a crypto assets fund that consists of
five of the most widely held digital assets and is designed to offer
access to the digital asset market.\8\ The proposed GDLC options would
be physically settled with American-style exercise and would be subject
to the position and exercise limits in Exchange Rules 904 and 905,
respectively.\9\ The Exchange states that the same surveillance
procedures applicable to all other options currently listed and traded
on the Exchange would apply to the proposed GDLC options, and that the
Exchange's existing surveillance and reporting safeguards are designed
to deter and detect possible manipulative behavior and violations of
the Exchange's rules which might arise from listing and trading the
proposed GDLC options.\10\ The Exchange represents that both the
Exchange and The Options Price Reporting Authority have the necessary
systems capacity to handle the additional traffic that would be
associated with listing the proposed GDLC options.\11\
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\7\ See supra note 3.
\8\ See Notice, 91 FR at 1223. The Exchange states that, as of
November 21, 2025, GDLC's components and their weightings were
Bitcoin (76.02%), Ether (14.90%), XRP (5.26%), Solana (3.15%), and
Cardano (0.67%). See id. at footnote 9.
\9\ See id. at 1224.
\10\ See id. at 1226.
\11\ See id.
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III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEAMER-2025-74 and Grounds for Disapproval under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Exchange Act \12\ to determine whether the proposed
rule change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change to inform the Commission's analysis of
whether to approve or disapprove the proposal.
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\12\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Exchange Act,\13\ the
Commission is providing notice of the grounds for disapproval under
consideration. The Commission is instituting proceedings to allow for
additional analysis of, and input from commenters with respect to, the
consistency of the proposal with Section 6(b)(5) of the Act,\14\ which
requires, among other things, that the rules of a national securities
exchange be designed to designed to prevent fraudulent and manipulative
acts and practices and to protect investors and the public interest.
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\13\ Id.
\14\ 15 U.S.C. 78f(b)(5).
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The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\15\ in addition to any other comments they may wish to
submit about the proposed rule change. In particular, the Commission
seeks comment on whether the proposal to list and trade GDLC options
includes sufficient analysis to support a conclusion that the proposal
is consistent with the requirements of Section 6(b)(5) of the Act,
including the requirements that the rules of a national securities
exchange be designed to prevent fraudulent and manipulative acts and
practices and to protect investors and the public interest.
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\15\ See supra note 3.
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IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their data, views, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule change
is consistent with the Act, and the rules and regulations thereunder.
Although there do not appear to be any issues relevant to approval or
disapproval that would be facilitated by an oral presentation of data,
views, and arguments, the Commission will consider, pursuant to Rule
19b-4 under the Act,\16\ any request for an opportunity to make an oral
presentation.\17\
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\16\ 17 CFR 240.19b-4.
\17\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants to
the Commission flexibility to determine what type of proceeding--
either oral or notice and opportunity for written comments--is
appropriate for consideration of a particular proposal by a self-
regulatory organization. See Securities Acts Amendments of 1975,
Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75,
94th Cong., 1st Sess. 30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by May 5, 2026. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by May 19,
2026.
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#e092958c85cd838f8d8d858e9493a0938583ce878f96"><span class="__cf_email__" data-cfemail="f587809990d8969a9898909b8186b5869096db929a83">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2025-74 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-NYSEAMER-2025-74.
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-NYSEAMER-2025-74 and should be submitted
by May 5, 2026. Rebuttal comments should be submitted by May 19, 2026.
[[Page 19233]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07135 Filed 4-13-26; 8:45 am]
BILLING CODE 8011-01-P
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