[Federal Register Volume 90, Number 77 (Wednesday, April 23, 2025)]
[Notices]
[Pages 17092-17093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-06911]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102885; File No. SR-NASDAQ-2025-016]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Nasdaq 
Rule 5712 To Provide for the Listing and Trading of Commodity- and 
Digital Asset-Based Investment Interests and To List and Trade Shares 
of the Hashdex Nasdaq Crypto Index US ETF Under Proposed Nasdaq Rule 
5712

April 17, 2025.
    On February 18, 2025, The Nasdaq Stock Market LLC (``Exchange'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 
(``Act'') \2\ and Rule 19b-4 thereunder,\3\ a proposed rule change to 
adopt new Nasdaq Rule 5712 to provide for the listing and trading of 
Commodity- and Digital Asset-Based Investment Interests, and to list 
and trade shares of the Hashdex Nasdaq Crypto Index US ETF under 
proposed Nasdaq Rule 5712. On February 27, 2025, the Exchange filed 
Amendment No. 1 to the proposed rule change, which replaced and 
superseded the original filing in its entirety. The proposed rule 
change, as modified by Amendment No. 1, was published for comment in 
the Federal Register on March 7, 2025.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 102513 (Mar. 3, 
2025), 90 FR 11563. The Commission has received no comments on the 
proposed rule change, as modified by Amendment No. 1.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is April 21, 2025. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).

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[[Page 17093]]

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change, as modified by 
Amendment No. 1, 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,\6\ designates June 
5, 2025, as the date by which the Commission shall either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-NASDAQ-2025-016).
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    \6\ 15 U.S.C. 78s(b)(2).
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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).

    Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06911 Filed 4-22-25; 8:45 am]
BILLING CODE 8011-01-P