[Federal Register Volume 89, Number 143 (Thursday, July 25, 2024)]
[Notices]
[Pages 60482-60483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16303]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100567; File Nos. SR-BOX-2024-07; SR-CBOE-2024-005; SR-
ISE-2024-03; SR-ISE-2024-14; SR-MIAX-2024-03; SR-NYSEAMER-2024-10; SR-
PEARL-2024-03]


Self-Regulatory Organizations; BOX Exchange LLC; Cboe Exchange, 
Inc.; MIAX International Securities Exchange LLC; MIAX PEARL LLC; 
Nasdaq ISE, LLC; NYSE American LLC; Notice of Designation of a Longer 
Period for Commission Action on Proceedings To Determine Whether To 
Approve or Disapprove Proposed Rule Changes To Permit the Listing and 
Trading of Options on Trusts That Hold Bitcoin

July 19, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ BOX 
Exchange LLC (``BOX''); Cboe Exchange, Inc. (``Cboe Options''); MIAX 
International Securities Exchange LLC (``MIAX''); MIAX PEARL LLC 
(``MIAX Pearl''); Nasdaq ISE, LLC (``ISE''); and NYSE American LLC 
(``NYSE American'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule changes to list and trade options on 
exchange-traded product shares that represent interests in either a 
specified bitcoin trust or in any trust that holds bitcoin, as 
described below (each, a ``Proposal'' and collectively, the 
``Proposals''). Specifically, ISE proposed to list and trade options on 
shares that represent interests in the iShares Bitcoin Trust.\3\ BOX, 
Cboe Options, MIAX, MIAX Pearl and, in a second filing, ISE, proposed 
to list and trade options on shares that represent interests in a trust 
that holds bitcoin.\4\ NYSE American proposed to list and trade options 
on shares that represent interests in the Bitwise Bitcoin ETF, the 
Grayscale Bitcoin Trust, and on any trust that holds bitcoin.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See File No. SR-ISE-2024-03 (``ISE iShares Proposal''), 
filed Jan. 9, 2024. On January 10, 2024, the Commission approved 
proposals by NYSE Arca, Inc., The Nasdaq Stock Market LLC, and Cboe 
BZX Exchange, Inc. to list and trade the shares of 11 bitcoin-based 
commodity-based trust shares and trust units, including the iShares 
Bitcoin Trust, the Grayscale Bitcoin Trust, and the Bitwise Bitcoin 
ETF. See Securities Exchange Act Release No. 99306 (Jan. 10, 2024), 
89 FR 3008 (Jan. 17, 2024) (order approving File Nos. SR-NYSEARCA-
2021-90; SR-NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-
016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; 
SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072).
    \4\ See File Nos. SR-BOX-2024-07 (``BOX Proposal''), filed Mar. 
11, 2024; SR-CBOE-2024-005 (``Cboe Options Proposal''), filed Jan. 
5, 2024; SR-ISE-2024-14 (``ISE Trust Proposal''), filed Mar. 19, 
2024; SR-MIAX-2024-03 (``MIAX Proposal''), filed Jan. 12, 2024; SR-
PEARL-2024-03 (``MIAX Pearl Proposal''), filed Jan. 12, 2024.
    \5\ See File No. SR-NYSEAMER-2024-10 (``NYSE American 
Proposal''), filed Feb. 9, 2024.
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    On January 25, 2024, the Cboe Options Proposal,\6\ the ISE iShares 
Proposal,\7\ the MIAX Proposal,\8\ and the MIAX Pearl Proposal \9\ were 
published for comment in the Federal Register. On March 6, 2024, 
pursuant to Section 19(b)(2) of the Act,\10\ the Commission designated 
a longer period within which to approve these proposals, disapprove the 
proposals, or institute proceedings to determine whether to disapprove 
the proposals.\11\ The NYSE American Proposal was published for comment 
in the Federal Register on February 29, 2024.\12\ On April 8, 2024, 
pursuant to Section 19(b)(2) of the Act,\13\ the Commission designated 
a longer period within which to approve the proposal, disapprove the 
proposal, or institute proceedings to determine whether to disapprove 
the NYSE American Proposal.\14\ On March 25, 2024, the BOX Proposal 
\15\ and the ISE Trust Proposal \16\ were published for comment in the 
Federal Register. The Commission received comments addressing the BOX 
Proposal,\17\ the Cboe Options

[[Page 60483]]

Proposal,\18\ the ISE iShares Proposal,\19\ the ISE Trust Proposal,\20\ 
the MIAX Proposal,\21\ the MIAX Pearl Proposal,\22\ and the NYSE 
American Proposal.\23\ On April 24, 2024, the Commission instituted 
proceedings pursuant to Section 19(b)(2)(B) of the Act \24\ to 
determine whether to approve or disapprove the proposed rule 
changes.\25\
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    \6\ See Securities Exchange Act Release Nos. 99395 (Jan. 19, 
2024), 89 FR 5075.
    \7\ See. Securities Exchange Act Release No. 99396 (Jan. 19, 
2024), 89 FR 5047.
    \8\ See Securities Exchange Act Release No. 99397 (Jan. 19, 
2024), 89 FR 5079.
    \9\ See Securities Exchange Act Release No. 99394 (Jan. 19, 
2024), 89 FR 5058.
    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See Securities Exchange Act Release Nos. 99680 (Mar. 6, 
2024), 89 FR 17887 (Mar. 12, 2024) (Cboe Options Proposal); 99682 
(Mar. 6, 2024), 89 FR 17887 (Mar. 12, 2024) (MIAX Pearl Proposal); 
99684 (Mar. 6, 2024), 89 FR 17887 (Mar. 12, 2024) (MIAX Proposal); 
99681 (Mar. 6, 2024), 89 FR 17886 (Mar. 12, 2024) (ISE iShares 
Proposal). The Commission designated April 24, 2024, as the date by 
which the Commission shall approve or disapprove, or institute 
proceedings to determine whether to approve or disapprove, the 
proposed rule changes.
    \12\ See Securities Exchange Act Release No. 99593 (Feb. 23, 
2024), 89 FR 14911.
    \13\ 15 U.S.C. 78s(b)(2).
    \14\ See Securities Exchange Act Release No. 99921 (Apr. 8, 
2024), 89 FR 25908 (Apr. 12, 2024).
    \15\ See Securities Exchange Act Release No. 99777 (Mar. 19, 
2024), 89 FR 20712.
    \16\ See Securities Exchange Act Release No. 99776 (Mar. 19, 
2024), 89 FR 20717.
    \17\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-box-2024-07/srbox202407.htm.
    \18\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-cboe-2024-005/srcboe2024005.htm.
    \19\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-ise-2024-03/srise202403.htm.
    \20\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-ise-2024-14/srise202414.htm.
    \21\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-miax-2024-03/srmiax202403.htm.
    \22\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-pearl-2024-03/srpearl202403.htm.
    \23\ Comment letters on the proposed rule change are available 
at https://www.sec.gov/comments/sr-nyseamer-2024-10/srnyseamer202410.htm.
    \24\ 15 U.S.C. 78s(b)(2)(B).
    \25\ See Securities Exchange Act Release No. 100024, 89 FR 34290 
(Apr. 30, 2024).
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    Section 19(b)(2) of the Act \26\ provides that, after initiating 
disapproval 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 Cboe 
Options Proposal, the ISE iShares Proposal, the MIAX Proposal, and the 
MIAX Pearl Proposal were published for notice and comment in the 
Federal Register on January 25, 2024. July 23, 2024, is 180 days from 
that date. The NYSE American Proposal was published for notice and 
comment in the Federal Register on February 29, 2024. August 27, 2024, 
is 180 days from that date. The BOX Proposal and the ISE Trust Proposal 
were published for notice and comment in the Federal Register on March 
25, 2024. September 21, 2024, is 180 days from that date.
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    \26\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order(s) approving or disapproving the 
Proposals so that it has sufficient time to consider the Proposals and 
the issues raised therein. Accordingly, the Commission, pursuant to 
Section 19(b)(2) of the Act,\27\ designates September 21, 2024, as the 
date by which the Commission shall either approve or disapprove the 
Cboe Options Proposal, the ISE iShares Proposal, the MIAX Proposal, and 
the MIAX Pearl Proposal (File Nos. SR-CBOE-2024-005; SR-ISE-2024-03; 
SR-MIAX-2024-03; and SR-PEARL-2024-03); October 26, 2024, as the date 
by which the Commission shall either approve or disapprove the NYSE 
American Proposal (File No. SR-NYSEAMER-2024-10); and November 20, 
2024, as the date by which the Commission shall either approve or 
disapprove the BOX Proposal and the ISE Trust Proposal (File Nos. SR-
BOX-2024-07 and ISE-2024-14).
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    \27\ Id.

    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)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-16303 Filed 7-24-24; 8:45 am]
BILLING CODE 8011-01-P