Federal Register, Volume 91 Issue 147 (Monday, August 3, 2026)

[Federal Register Volume 91, Number 147 (Monday, August 3, 2026)]
[Notices]
[Pages 48968-48969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-15615]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106005; File No. SR-Phlx-2025-50]


In the Matter of Nasdaq PHLX LLC; Order Granting Petition for 
Review and Scheduling Filing of Statements Regarding an Order 
Approving, on an Accelerated Basis, a Proposed Rule Change, as Modified 
by Amendment No. 1, To List and Trade Nasdaq Bitcoin Index Options

July 29, 2026.
    This matter comes before the Securities and Exchange Commission 
(``Commission'') on petition to review the approval, pursuant to 
delegated authority, of Nasdaq PHLX LLC's (``Phlx'') proposed rule 
change (File No. SR-Phlx-2025-50) to list and trade Nasdaq Bitcoin 
Index options.
    On September 23, 2025, Phlx filed with the Commission, pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ the proposed rule change. The proposed 
rule change was published for comment in the Federal Register on 
September 29, 2025.\3\ On November 3, 2025, the Division of Trading and 
Markets (``Division''), for the Commission pursuant to delegated 
authority,\4\ designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\5\ On December 23, 2025, the Division, for the Commission 
pursuant to delegated authority,\6\ instituted proceedings under 
Section 19(b)(2)(B) of the Act \7\ to determine whether to approve or 
disapprove the proposed rule change.\8\ On March 20, 2026, the 
Division, for the Commission pursuant to delegated authority,\9\ 
designated a longer period for Commission action on the proposed rule 
change.\10\ The Commission received comments regarding the proposed 
rule change.\11\
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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 (Sept. 29, 2025).
    \4\ See 17 CFR 200.30-3(a)(31).
    \5\ See Securities Exchange Act Release No. 104173 (Nov. 3, 
2025), 90 FR 51424 (Nov. 17, 2025).
    \6\ See 17 CFR 200.30-3(a)(57).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 104506 (Dec. 23, 
2025), 90 FR 61452 (Dec. 31, 2025).
    \9\ See 17 CFR 200.30-3(a)(57).
    \10\ See Securities Exchange Act Release No. 105057 (Mar. 20, 
2026), 91 FR 14613 (Mar. 25, 2026).
    \11\ Comments received on the proposal are available at https://www.sec.gov/comments/sr-phlx-2025-50/srphlx202550.htm.
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    On May 15, 2026, Phlx filed Amendment No. 1 to the proposed rule 
change, which replaced and superseded the original filing in its 
entirety. On May 22, 2026, after consideration of the record in the 
proposed rule change, the Division, for the Commission pursuant to 
delegated authority,\12\ published notice of Amendment No. 1 and 
approved the proposed rule change, as modified by Amendment No. 1, on 
an accelerated basis (``Approval Order'').\13\
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    \12\ See 17 CFR 200.30-3(a)(12).
    \13\ See Securities Exchange Act Release No. 105549 (May 22, 
2026), 91 FR 31769 (May 28, 2026).
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    Pursuant to Rule 430 of the Commission's Rules of Practice,\14\ on 
June 11, 2026, CME Group Inc. (``CME'') filed a notice of intention to 
petition for review of the Approval Order,\15\ and on June 18, 2026, 
CME filed a petition for review of the Approval Order.\16\ Pursuant to 
Rule 431(e) of the Commission's Rules of Practice, notice of intention 
to petition for review results in an automatic stay of the action by 
delegated authority until the Commission orders otherwise.\17\
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    \14\ 17 CFR 201.430.
    \15\ See Notice of Intention to Petition for Review (June 11, 
2026), available at https://www.sec.gov/comments/SR-Phlx-2025-50/srphlx202550-909180-2781413.pdf.
    \16\ See Petition for Review (June 18, 2026), available at 
https://www.sec.gov/comments/SR-Phlx-2025-50/srphlx202550-843099-2584187.pdf.
    \17\ 17 CFR 201.431(e).
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    Pursuant to Rule 431 of the Commission's Rules of Practice,\18\ 
CME's petition for review of the Approval Order is granted. Further, 
the Commission hereby establishes that any party or other person may 
file a written statement in support of or in opposition to the Approval 
Order on or before August 24, 2026.
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    \18\ 17 CFR 201.431.
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    For the reasons stated above, it is hereby:
    Ordered that CME's petition for review of the Division's action 
made pursuant to delegated authority is granted; and
    It is further ordered that any party or other person may file a 
statement in support of or in opposition to the action made pursuant to 
delegated authority on or before August 24, 2026.
    It is further ordered that the Approval Order shall remain stayed 
pending further order of the Commission.


[[Page 48969]]


By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-15615 Filed 7-31-26; 8:45 am]
BILLING CODE 8011-01-P