[Federal Register Volume 91, Number 57 (Wednesday, March 25, 2026)]
[Notices]
[Page 14613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-05759]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105057; File No. SR-PHLX-2025-50]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
List and Trade Nasdaq Bitcoin Index Options

March 20, 2026.
    On September 23, 2025, Nasdaq PHLX LLC (``Phlx'' 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 
Nasdaq Bitcoin Index options. The proposed rule change was published 
for comment in the Federal Register on September 29, 2025.\3\ On 
November 3, 2025, 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 disapprove the 
proposed rule change.\5\ On December 23, 2025, the Commission 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change.\6\
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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. 104038 (Sept. 24, 
2025), 90 FR 46706 (``Notice''). Comments received regarding the 
proposed rule change are available at https://www.sec.gov/comments/sr-phlx-2025-50/srphlx202550.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 104173 (Nov. 3, 
2025), 90 FR 51424 (Nov. 17, 2025). The Commission designated 
December 28, 2025, as the date by which it shall approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ See Securities Exchange Act Release No. 104506, 90 FR 61452 
(Dec. 31, 2025).
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    Section 19(b)(2) of the Act \7\ provides that, after initiating 
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 
September 29, 2025,\8\ and March 28, 2026, is 180 days from that date.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See Notice, supra note 3.
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    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 the proposed 
rule change and the issues raised therein, including the issues raised 
by a commenter. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\9\ designates May 27, 2026, as the date by which 
the Commission shall either approve or disapprove the proposed rule 
change (File No SR-PHLX-2025-50).
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-05759 Filed 3-24-26; 8:45 am]
BILLING CODE 8011-01-P