Notice2026-19512
Self-Regulatory Organizations; Coinbase Derivatives, LLC; Notice of Filing of a Proposed Rule Change Relating to Customer Margin Requirements for Security Futures Products
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 24, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 184 (Thursday, September 24, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 184 (Thursday, September 24, 2026)]
[Notices]
[Pages 60670-60673]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19512]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106443; File No. SR-COIN-2026-001]
Self-Regulatory Organizations; Coinbase Derivatives, LLC; Notice
of Filing of a Proposed Rule Change Relating to Customer Margin
Requirements for Security Futures Products
September 21, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 18, 2026, Coinbase Derivatives, LLC (``CDE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change described in Items
I, II, and III below, which Items have been substantially prepared by
CDE. CDE filed the proposed rule change pursuant to Section 19(b)(2) of
the Act.\3\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------
I. CDE's Statement of the Terms and Substance of the Proposed Rule
Change
CDE's proposed rule change is filed as Exhibit 5 and consists of
certain provisions in Chapter 12 of the CDE Rulebook relating to
customer margin requirements for security futures contracts. Each
provision is described in more detail below.
II. CDE's Statement of the Purpose of, and Statutory Basis for the
Proposed Rule Change
In its filing with the Commission, CDE included statements
concerning the purpose of and basis for 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. CDE has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.
A. CDE's Statement of the Purpose of, and Statutory Basis for the
Proposed Rule Change
1. Purpose
Background
CDE is registered with the Commodity Futures Trading Commission
(``CFTC'') as a designated contract market (``DCM'') under the
Commodity Exchange Act (``CEA''). On September 1, 2026, CDE, in its
capacity as a DCM, submitted a Form 1-N notice filing to the Securities
and Exchange Commission (``SEC'' or ``Commission'') to register as a
national securities exchange for security futures products pursuant to
the notice registration provisions of Section 6(g) of the Securities
Exchange Act of 1934, as amended (``Act'' or ``Exchange Act''). On
September 8, 2026, the Commission acknowledged receipt of such written
notice and effectiveness of CDE's notice registration as a national
securities exchange contemporaneously with CDE's submission of the 1-N
notice on September 1, 2026.\4\
---------------------------------------------------------------------------
\4\ Acknowledgement of Receipt of Notice of Registration as a
National Securities Exchange Pursuant to Section 6(g) of the
Securities Exchange Act of 1934 by Coinbase Derivatives, LLC,
Exchange Act Release No. 106295 (Sept. 8, 2026), 91 FR 57944 (Sept.
11, 2026).
---------------------------------------------------------------------------
Under its notice registration, CDE intends to list cash-settled
futures on individual equity securities and exchange-traded fund
shares, including perpetual single-stock futures, consistent with
listing standards that it will adopt under a separate rule filing
pursuant to Section 19(b)(7) of the Act and Rule 19b-7 under the Act.
CDE is submitting this proposed rule change to establish customer-level
margin requirements for security futures that align with current
Commission (and CFTC) requirements, as described in the following
section.
Description of the Proposed Rule Change
Proposed Chapter 12 of the CDE Rulebook will govern the listing,
trading, clearing, adjustment, and settlement of security futures
products. Certain rules in proposed Chapter 12 address customer margin
requirements for security futures products and are the subject of this
filing. The remainder of proposed Chapter 12 is the subject of a
separate rule filing under Section 19(b)(7) and Rule 19b-7. CDE Rule
1215 (Customer Margin) is the primary proposed rule establishing
customer margin requirements for security futures. CDE Rule 1215 will
determine the applicable margin rates, the types of assets that can be
accepted by a Participant Firm or Clearing Firm as margin, the effect
of an undermargined customer account on Participant Firm and Clearing
Firm net capital requirements, which entities are exempted from
Exchange margin requirements, and the liquidation requirements for
undermargined customer accounts.
General Rule. Rule 1215(a) provides that Participant Firms and
Clearing Firms that are ``securities futures intermediaries'' shall
calculate, collect, and maintain the margin required by Rule 1215 and
applicable SEC and CFTC regulations. Participant Firms and Clearing
Firms that are members of the Clearing House will separately have an
obligation to post margin with the Clearing House under the rules of
the Clearing House. Rule 1215(g), consistent with Rule 1221(c),
clarifies that nothing in Rule 1215 limits the authority of the
Clearing House under its own rules with respect to margin collection,
settlement processing, default management, or other clearing functions,
except as required by law.
Margin Rates. Rule 1215(b) provides that the Exchange shall
establish initial and maintenance margin requirements applicable to
security futures held in a futures account, subject to the minimum
margin requirements in SEC Rule 242.403 \5\ and CFTC Regulation
41.45.\6\ Rule 1215(b) is substantially identical to CME Rule
930.B.2.c., which provides that ``[t]he Exchange shall establish
initial and maintenance performance bond [i.e., margin] requirements
applicable to Security Futures and held in a futures account, provided
that the performance bond requirement for any long or short position
held by a clearing member on behalf of a Customer shall not be less
than 15% of the current market value of the relevant Contract; or, such
other requirement as may be established by the CFTC and SEC for
purposes of CFTC Regulation 41.45(b)(1) and SEC Rule 242.403(b)(1)
except as
[[Page 60671]]
provided below.'' \7\ Other exchanges have adopted similar
provisions.\8\
---------------------------------------------------------------------------
\5\ 17 CFR 242.403.
\6\ 17 CFR 41.45.
\7\ CME Rule 930.B.2.c.
\8\ See Self-Regulatory Organizations; Board of Trade of the
City of Chicago, Inc.; Notice of Filing and Order Granting
Accelerated Approval of Proposed Rule Change Relating to Customer
Margin Requirements for Security Futures, Exchange Act Release No.
53626 (Apr. 10, 2006), 71 FR 19774, 19775 (Apr. 17, 2006), SR-CBOT-
2006-01 (``The Exchange shall establish initial and maintenance
margin requirements applicable to Security Futures that are held in
a futures account, provided that the margin requirement for any long
or short position held by a member firm on behalf of a Customer
shall not be less than 20% of the current market value of the
relevant Security Futures Contract, or such other requirement as may
be established by the CFTC and SEC for purposes of CFTC Regulation
41.45(b)(1) and SEC Regulation 242.403(b)(1), unless a lower margin
level is available for such position pursuant to paragraph (e)
below.''); Self-Regulatory Organizations; Notice of Filing of
Proposed Rule Change by OneChicago, LLC Relating to Customer Margin
Requirements for Security Futures, Exchange Act Release No. 46555
(Sept. 26, 2002), 67 FR 61707, 61708 (Oct. 1, 2002), SR-OC-2002-01
(``The Exchange will set and publish the initial and maintenance
margin rates to be used in determining Exchange margin requirements;
provided that in no case shall the required margin for any long or
short position held by a Clearing Member or, if applicable, Exchange
Member on behalf of a Customer be less than 20% of the current
market value of the relevant Contract (or such other rate from time
to time determined by the Commission and the Securities and Exchange
Commission for purposes of Commission Regulation Sec. 41.45(b)(1)
and Rule 403(b)(1) under the Exchange Act) unless a lower margin
level is available for such position pursuant to paragraph (m)
below.'').
---------------------------------------------------------------------------
Under SEC and CFTC regulations, Participant Firms and Clearing
Firms that are ``security futures intermediaries'' are required to
compute and collect required margin based on the ``current market
value'' of a security future on a daily basis.\9\ Under SEC Rule
242.401(a)(4)(i)(A) \10\ and CFTC Regulation 41.43(a)(4)(i)(A),\11\
``current market value'' means on any day, with respect to a single-
stock security future, ``the product of the daily settlement price of
such security future as shown by any regularly published reporting or
quotation service, and the applicable number of shares per contract.''
SEC Rule 242.401(a)(6) \12\ and CFTC Regulation 41.43(a)(6) \13\ define
``daily settlement price'' as ``the settlement price of [a] security
future determined at the close of trading each day, under the rules of
the applicable exchange, clearing agency, or derivatives clearing
organization.'' Thus, SEC and CFTC regulations contemplate that
exchange rules will determine the applicable settlement price. Under
Rule 1215(b), the ``daily settlement price'' would be the ``Daily
Settlement Price,'' as determined by Rule 1209 and the relevant Product
Appendix. To comply with SEC Rule 242.401(a)(4)(i)(A) and CFTC
Regulation 41.43(a)(4)(i)(A), the Exchange intends to regularly publish
the Daily Settlement Price.
---------------------------------------------------------------------------
\9\ Customer Margin Rules Relating to Security Futures, Exchange
Act Release No. 46292 (Aug. 1, 2002), 67 FR 53146 (Aug. 14, 2002).
\10\ 17 CFR 242.401(a)(4)(i)(A).
\11\ 17 CFR 41.43(a)(4)(i)(A).
\12\ 17 CFR 242.401(a)(6).
\13\ 17 CFR 41.43(a)(6).
---------------------------------------------------------------------------
Rule 1215(b)(2) provides for lower minimum margin requirements
where Customers hold ``offsetting positions.'' Under SEC Rule
242.403(b)(2) \14\ and CFTC Regulation 41.45(b)(2),\15\ a self-
regulatory authority may set the required initial or maintenance margin
level for offsetting positions involving security futures and related
positions at a level lower than the level that would apply if the
positions were margined separately, provided that Exchange rules
governing offsetting positions meet the criteria set forth in Section
7(c)(2)(B) of the Act.\16\ Under Section 7(c)(2)(B):
---------------------------------------------------------------------------
\14\ 17 CFR 242.403(b)(2).
\15\ 17 CFR 41.45(b)(2).
\16\ 15 U.S.C. 78g(c)(2)(B).
---------------------------------------------------------------------------
(I) The margin requirements for a security futures product must be
consistent with the margin requirements for comparable option contracts
traded on any exchange registered pursuant to [Section 6(a) of the
Act]; \17\ and
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(a).
---------------------------------------------------------------------------
(II) Initial and maintenance margin levels for a security future
product may not be lower than the lowest level of margin, exclusive of
premium, required for any comparable option contract traded on any
exchange registered pursuant to [Section 6(a) of the Act],\18\ other
than an option on a security future.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78f(a).
---------------------------------------------------------------------------
Rule 1215(b)(2) includes a table that sets out in detail the margin
offsets available with respect to particular combinations of security
futures and related positions. The offsets in the table align with
those the SEC and CFTC have acknowledged are permissible, as set forth
in their joint 2020 release on Customer Margin Rules Relating to
Security Futures (the ``Customer Margin Release'') \19\ and prior
approval orders.\20\ Rule 1215(b)(2) establishes the minimum amount of
margin that Participant Firms and Clearing Firms that carry security
futures positions must collect from their Customers. Participant Firms
and Clearing Firms may choose to collect additional margin from their
Customers.
---------------------------------------------------------------------------
\19\ Customer Margin Rules Relating to Security Futures,
Exchange Act Release No. 90244 (Oct. 22, 2020), 85 FR 75112 (Nov.
24, 2020).
\20\ Self-Regulatory Organizations; Chicago Mercantile Exchange
Inc.; Order Approving a Proposed Rule Change Relating to Amendments
to Chicago Mercantile Exchange Inc.'s Rules Governing Performance
Bond Requirements: Account Holder Level, Exchange Act Release No.
105899 (July 13, 2026), 91 FR 43699 (July 16, 2026), SR-CME-2026-
001.
---------------------------------------------------------------------------
``Exempted Person'' Exclusion. Rule 1215(b)(1) identifies
``Exempted Persons'' and ``Market Makers'' as non-Customers for
purposes of Rule 1215. Those non-Customers are therefore exempt from
the application of Rule 1215. Exempted Persons are specifically
identified by reference to applicable SEC and CFTC Regulations.
Market Maker Exclusion. SEC Rule 242.400(c)(2)(v) \21\ and CFTC
Regulation 41.42(c)(2)(v) \22\ permit exchanges to adopt rules with
specified requirements for security futures dealers, on the basis of
which the financial relations between security futures intermediaries,
on the one hand, and qualifying security futures dealers, on the other,
are excluded from the margin requirements for security futures. Rules
so adopted by an exchange must meet the criteria set forth in Section
7(c)(2)(B) of the Act.\23\ CDE proposes a market maker exclusion in its
proposed Rule 1215(b)(1) consistent with the requirements of those
provisions. To qualify as a ``Market Maker'' for purposes of the
exclusion, a Person must register with the Exchange as a Security
Futures Dealer. A Market Maker must be a Participant Firm and
registered as a floor trader or a floor broker with the CFTC under
Section 4f(a)(1) of the CEA or as a dealer with the SEC under Section
15(b) of the Act.\24\ A Market Maker also must hold itself out as
willing to buy and sell security futures for its own account on a
regular or continuous basis. The Exchange will determine whether a
Market Maker has satisfied this standard, consistent with applicable
SEC and CFTC guidance, on a case-by-case basis.
---------------------------------------------------------------------------
\21\ 17 CFR 242.400(c)(2)(v).
\22\ 17 CFR 41.42(c)(2)(v).
\23\ 15 U.S.C. 78g(c)(2)(B).
\24\ 15 U.S.C. 78o(b).
---------------------------------------------------------------------------
Rule 1215(b)(1)(a) requires a Participant Firm that seeks to
register as a Security Futures Dealer to provide the Exchange with
information about its business necessary for the Exchange to determine
whether to permit the Participant Firm to register as a Security
Futures Dealer. Market Makers are also required to maintain books and
records including trading statements and other financial records that
would evidence compliance with the standards set forth in Rule
1215(b)(1)(a), CFTC Regulation 41.42(c)(2)(v) and SEC Rule
242.400(c)(2)(v). This recordkeeping requirement includes, without
limitation, such trading statements and other financial records as may
be
[[Page 60672]]
necessary specifically to verify compliance. Under Rule 1215(b)(1)(b),
failure on the part of a Market Maker to comply with applicable Rules
of the Exchange, CFTC Regulations 41.41 through 41.49 and SEC Rules
242.400 through 242.406 may result in revocation of Security Futures
Dealer status or other sanctions provided under CDE rules.
Type, Form and Use of Margin. Rule 1215(c) identifies the types of
assets that a security futures intermediary may accept from a Customer
as margin. Consistent with SEC Rule 242.404(b) \25\ and CFTC Regulation
41.46(b),\26\ acceptable assets are limited to: deposits of cash,
margin securities (subject to specified restrictions), exempted
securities, any other assets permitted under Regulation T of the Board
of Governors of the Federal Reserve System to satisfy a margin
deficiency in a securities margin account, any other assets permitted
under CFTC Regulation 41.46 and SEC Rule 242.404, and any combination
of the foregoing. Rule 1215(c) further provides that the equity in a
Customer account and thus the applicable margin deposit requirements
shall be calculated in accordance with CFTC Regulations 41.46(c),
41.46(d), 41.46(e) and 41.46(f) and SEC Rules 242.404(c), 242.404(d),
242.404(e) and 242.404(f), as applicable.\27\ The Exchange added the
phrase ``any other assets permitted under CFTC Regulation 41.46 and SEC
Rule 242.404'' to accommodate other assets that may be permitted under
applicable CFTC and SEC regulations in the future. If the SEC, the CFTC
or the Board of Governors of the Federal Reserve System amend SEC Rule
242.404, CFTC Regulation 41.46 or Regulation T,\28\ respectively, or
otherwise provide exemptive or interpretive relief, the Exchange
intends to permit Participant Firms and Clearing Firms to collect
payment stablecoins as margin.
---------------------------------------------------------------------------
\25\ 17 CFR 242.404(b).
\26\ 17 CFR 41.46(b).
\27\ 17 CFR 41.46(c)-(f); 17 CFR 242.404(c)-(f).
\28\ 17 CFR part 220.
---------------------------------------------------------------------------
Rule 1215(c)(1) addresses the treatment of ``Funding Payments,'' as
described in Rules 1202 and 1212, in calculating account equity under
Rule 1215. Funding Payments are periodic payments between the parties
to a perpetual security futures contract based on the difference
between the futures price and the spot price. The calculation of
Funding Payments will be described in greater detail in the product
specifications for listed security futures contracts. Funding Payments
are necessary to align the futures price of a perpetual security
futures contract with the spot price of the underlying. Under Rule
1215(c)(1), Funding Payments receivable (or payable) by an account at
the close of trading on any day in connection with an open security
futures position shall be treated as variation settlement receivable
(or payable) and thus shall be treated as a credit (or debit) to the
account on that day for purposes of calculating account equity under
applicable SEC and CFTC regulations.\29\ SEC Rule 242.401(a)(32) \30\
and CFTC Regulation 41.43(a)(32) \31\ define ``variation settlement''
as ``any credit or debit to a customer account, made on a daily or
intraday basis, for the purpose of marking to market a security future
or any other contract that is: (i) [i]ssued by a clearing agency that
is registered under section 17A of the Exchange Act or cleared and
guaranteed by a derivatives clearing organization that is registered
under Section 5b of the [CEA]; and (ii) [t]raded on or subject to the
rules of a self-regulatory authority.'' Funding Payments qualify as
variation settlement because they will be credited or debited to a
Customer account daily in order to mark a position in a cleared,
exchange-traded security future to the current futures price and spot
price.
---------------------------------------------------------------------------
\29\ 17 CFR 41.46(c)(vi); 17 CFR 242.404(c)(vi).
\30\ 17 CFR 242.401(a)(32).
\31\ 17 CFR 41.43(a)(32).
---------------------------------------------------------------------------
Rules 1215(c)(2), 1215(c)(3) and 1215(c)(4) limit the assets that
can be accepted by Participant Firms and Clearing Firms as margin. Rule
1215(c)(2) provides that shares of a money market mutual fund must meet
the requirements of CFTC Regulation 1.25, SEC Rule 242.404(b)(2) and
CFTC Regulation 41.46(b)(2). Rule 1215(c)(3) provides that Participant
Firms and Clearing Firms shall not accept as margin from any Customer
securities that have been issued by that Customer or an affiliate of
that Customer unless the Participant Firm or Clearing Firm files a
petition with and receives permission from the Exchange for such
purpose. Rule 1215(c)(4) provides that all assets deposited by a
Customer to meet margin requirements must be and remain unencumbered by
third-party claims against that Customer.
Withdrawal of Margin. Rule 1215(d) requires Participants to comply
with SEC and CFTC regulations regarding the withdrawal of margin from a
futures account. As noted above, in calculating equity in a Customer
account under SEC Rule 242.405(a) \32\ and CFTC Regulation
41.47(a),\33\ Funding Payments would be treated as variation
settlement.
---------------------------------------------------------------------------
\32\ 17 CFR 242.405(a).
\33\ 17 CFR 41.47(a).
---------------------------------------------------------------------------
Undermargined Accounts. Rule 1215(e) requires a Participant Firm or
Clearing Firm that is a security futures intermediary to take the
deduction required with respect to an underfunded account in computing
its net capital under applicable SEC and CFTC regulations if a Customer
of the security futures intermediary has failed to comply with a
required margin call within a reasonable period of time. This
requirement is consistent with SEC Rule 242.406(a) \34\ and CFTC
Regulation 41.48(a).\35\ Further, Rule 1215(e) requires the liquidation
of an account where there is a liquidating deficit, in accordance with
SEC Rule 242.406(b) \36\ and CFTC Regulation 41.48(b).\37\
---------------------------------------------------------------------------
\34\ 17 CFR 242.406(a).
\35\ 17 CFR 41.48(a).
\36\ 17 CFR 242.406(b).
\37\ 17 CFR 41.48(b).
---------------------------------------------------------------------------
Additional Margin Requirements. Rule 1215(f) provides that the
Exchange may establish additional concentration, emergency, or product-
specific margin requirements in accordance with applicable law and
published procedures.
Funding Payments. Rule 1212(c) clarifies that Funding Payments may
be processed through the Clearing House as cash adjustments separate
from variation margin. In other words, the Clearing House may
separately calculate and assess Funding Payments and variation margin.
Adjustments for Corporate Actions. As noted above, margin
requirements will be calculated by reference to the Daily Settlement
Price of a security futures contract. Rules 1213(e) and (f) permit
adjustments for corporate actions and state that, following a stock
split, reverse split, fractional split, stock dividend or similar stock
distribution, the Exchange may restate the prior Daily Settlement Price
to avoid a variation margin gain or loss caused solely by such stock
distribution. Rule 1213(n) provides that margin applicable to a
position will continue to apply to the position following a corporate
action-related adjustment, except to the extent the Exchange or
Clearing House determines otherwise pursuant to applicable law and
published procedures.
Clearing. Finally, Rule 1221 clarifies that nothing in Chapter 12
of the Exchange's rulebook limits the authority of the Clearing House
under its own rules with respect to margin collection, settlement
processing, default management, or other clearing functions, except as
otherwise required by law. CDE is not registered with the Commission as
a clearing agency and is
[[Page 60673]]
not registered with the CFTC as a derivatives clearing organization.
CDE intends to designate a third-party clearing organization registered
with the Commission or the CFTC as the ``Clearing House'' referenced in
its rules.
2. Statutory Basis
CDE's proposed rule change is consistent with Section 6(h)(3)(L) of
the Act \38\ in conjunction with Section 7(c)(2)(B) of the Act,\39\ in
that the proposed margin requirements for a security futures product
will not be lower than the lowest level of margin (excluding premium)
required for a comparable option contract traded on any registered
national securities exchange. The SEC has implemented this provision in
Rule 242.403(b)(1) under the Act,\40\ which as revised in 2020 under
the Customer Margin Release sets the minimum margin requirements for
security futures at 15% of current market value (reduced from 20%).
CDE's proposed Rule 1215 follows that 15% standard and also follows the
offset strategies recognized under the Customer Margin Release. Thus,
CDE's proposed rule change is consistent with Exchange Act Sections
6(h)(3)(L) and 7(c)(2)(B) and the SEC's current requirements
implementing those statutory provisions. The Exchange notes that the
SEC's margin requirements apply equally to all security futures
contracts, including perpetual security futures. Rules 1212(c),
1213(f), 1213(n) and 1221(c) clarify the application of the margin
rules in specific contexts but do not alter the minimum margin
requirements.
---------------------------------------------------------------------------
\38\ 15 U.S.C. 78f(h)(3)(L).
\39\ 15 U.S.C. 78g(c)(2)(B).
\40\ 17 CFR 242.403(b)(1).
---------------------------------------------------------------------------
CDE's proposed rule change is also consistent with Section 6(b)(5)
of the Act \41\ in that it promotes competition and is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, and to protect investors and the
public interest. CDE believes that the proposed rule change is designed
to accomplish these goals by permitting members to trade security
futures contracts (as permitted under the Commission's rules and
regulations) and by establishing the margin requirements to be not
lower than the requirements under SEC and CFTC regulations.
---------------------------------------------------------------------------
\41\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. CDE's Statement on Burden on Competition
CDE 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, because it will apply generally
to market participants that trade security futures that CDE lists for
trading and will not discriminate between market participants.
C. CDE's Statement on Comments on the Proposed Rule Change Received
From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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#3f4d4a535a125c5052525a514b4c7f4c5a5c11585049"><span class="__cf_email__" data-cfemail="fc8e899099d19f9391919992888fbc8f999fd29b938a">[email protected]</span></a>. Please include
file number SR-COIN-2026-001 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-COIN-2026-001. 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-COIN-2026-001 and should be submitted on
or before October 15, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
---------------------------------------------------------------------------
\42\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-19512 Filed 9-23-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 24, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.