[Federal Register Volume 90, Number 128 (Tuesday, July 8, 2025)]
[Notices]
[Pages 30118-30119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-12620]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103370; File No. SR-PHLX-2024-72]


Self-Regulatory Organizations; Nasdaq Phlx, LLC; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Permit the Trading of FLEX Options on Shares of the iShares Bitcoin 
Trust ETF

July 2, 2025.
    On December 26, 2024, pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ Nasdaq Phlx, LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change to amend Options 8, Section 34, FLEX Trading, to permit options 
on shares of the iShares Bitcoin Trust ETF to trade as cash-settled and 
physically settled FLEX equity options. The proposed rule change was 
published for comment in the Federal Register on January 14, 2025.\3\ 
The Commission received comments regarding the proposal.\4\ On February 
27, 2025, pursuant to Section 19(b)(2) of the Act,\5\ the Commission 
designated a longer period within which to approve the proposal, 
disapprove the proposal, or institute proceedings to determine whether 
to disapprove the proposal.\6\ On March 14, 2025, the Commission 
instituted proceedings pursuant to Section 19(b)(2)(B) of the Act \7\ 
to determine whether to approve or disapprove the proposed rule 
change.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 102132 (Jan. 7, 
2025), 90 FR 3266.
    \4\ Comments received regarding the proposal are available at 
https://www.sec.gov/comments/sr-phlx-2024-72/srphlx202472.htm.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 102497 (Feb. 27, 
2025), 90 FR 11334 (Mar. 5, 2025) (designating April 14, 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).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 102669, 90 FR 13226 
(Mar. 20, 2025).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \9\ 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 
proposed rule change was published for notice and comment in the 
Federal Register on January 14, 2025.\10\ July 13, 2025, is 180 days 
from that date, and September 11, 2025, is 240 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See supra note 3.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider

[[Page 30119]]

the proposed rule change and the comments received. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\11\ designates 
September 11, 2025, as the date by which the Commission shall either 
approve or disapprove the proposed rule change (File No. SR-Phlx-2024-
72).
---------------------------------------------------------------------------

    \11\ Id.
---------------------------------------------------------------------------

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(57).

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-12620 Filed 7-7-25; 8:45 am]
BILLING CODE 8011-01-P