Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 89 / Friday, May 9, 2025 / Notices
submit-comments. General questions
regarding the rule filing process or
logistical questions regarding this filing
should be directed to the Main Office of
the Commission’s Division of Trading
and Markets at tradingandmarkets@
sec.gov or 202–551–5777.
The Clearing Agencies reserve the
right to not respond to any comments
received.

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III. Date of Effectiveness of the
Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A) 17 of the Act and paragraph
(f) 18 of Rule 19b–4 thereunder. At any
time within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NSCC–2025–008 on the subject line.
Paper Comments:
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–NSCC–2025–008. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
17 15
18 17

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of NSCC
and on DTCC’s website (www.dtcc.com/
legal/sec-rule-filings). Do not include
personal identifiable information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to File Number SR–NSCC–2025–008
and should be submitted on or before
May 30, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–08112 Filed 5–8–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0727]

Submission for OMB Review;
Comment Request; Extension: Rules
400–404 of Regulation Crowdfunding
(Funding Portals)
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rules 400–404 of Regulation
Crowdfunding 1 (17 CFR 227.400–
227.404) under the Securities Exchange
19 17

CFR 200.30–3(a)(12).
Regulation Crowdfunding, Exchange Act
Release No. 76324 (Oct. 30, 2015), 80 FR 71387
(Nov. 16, 2015) (Final Rule) (‘‘Regulation
Crowdfunding’’).
1 See

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19771

Act of 1934 (‘‘Exchange Act’’) (15 U.S.C.
78a et seq.).
The collections of information
required under Rules 400 through 404 is
mandatory for all funding portals. Form
Funding Portal helps ensure that the
Commission can make information
about funding portals transparent and
easily accessible to the investing public,
including issuers and obligated persons
who engage funding portals; investors
who may purchase securities through
offerings on funding portals; and other
regulators. Further, the information
provided on Form Funding Portal
expands the amount of publicly
available information about funding
portals, including disciplinary history.
Consequently, the rules and forms allow
issuers and the investing public, as well
as others, to become more fully
informed about funding portals in a
more efficient manner.
Rule 400 requires each person
applying for registration with the
Commission as a funding portal to file
electronically with the Commission
Form Funding Portal. Rule 400(a)
requires a funding portal to become a
member of a national securities
association registered under Section
15A of the Exchange Act. Rule 400(b)
requires a funding portal to file an
amendment to Form Funding Portal if
any information previously submitted
on Form Funding Portal becomes
inaccurate for any reason. Rule 400(c)
provides that a funding portal can
succeed to the business of a predecessor
funding portal upon the successor filing
a registration on Form Funding Portal
and the predecessor filing a withdrawal
on Form Funding Portal.
Rule 400(d) requires a funding portal
to promptly file a withdrawal of
registration on Form Funding Portal
upon ceasing to operate as a funding
portal. Rule 400(e) states that duplicate
originals of the applications and reports
provided for in this section must be
filed with surveillance personnel
designated by any registered national
securities association of which the
funding portal is a member. Rule 400(f)
requires a nonresident funding portal to:
(1) obtain a written consent and power
of attorney appointing an agent for
service of process in the United States;
(2) furnish the Commission with the
name and address of its agent for
services of process on Schedule C of
Form Funding Portal; (3) certify that it
can, as a matter of law, and will provide
the Commission and any registered
national securities association of which
it becomes a member with prompt
access to its books and records and can,
as a matter of law, and will submit to
onsite inspection and examination by

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lotter on DSK11XQN23PROD with NOTICES1

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Federal Register / Vol. 90, No. 89 / Friday, May 9, 2025 / Notices

the Commission and any registered
national securities association of which
it becomes a member; and (4) provide
the Commission with an opinion of
counsel and certify on Schedule C on
Form Funding Portal that the firm can,
as a matter of law, provide the
Commission and registered national
securities association of which it
becomes a member with prompt access
to its books and records and can, as a
matter of law, submit to onsite
inspection and examination by the
Commission and any registered national
securities association of which it
becomes a member.2
Rule 403(a) requires a funding portal
to implement written policies and
procedures reasonably designed to
achieve compliance with the federal
securities laws and the rules and
regulations thereunder relating to its
business as a funding portal. Rule 403(b)
provides that a funding portal must
comply with privacy rules. Rule 404
requires all registered funding portals to
maintain certain books and records
relating to their funding portal
activities, for not less than five years,
the first two in an easily accessible
place. Rule 404(e) requires funding
portals to furnish promptly to the
Commission, its representatives, and the
registered national securities association
of which the funding portal is a member
true, correct, complete and current
copies of such records of the funding
portal that are requested by the
representatives of the Commission and
the registered national securities
association.
The Commission staff estimates that
the annual industry time burden to
comply with Rules 400–404 is
approximately 36,315 hours per year.
The Commission staff estimates that the
annual industry cost burden to comply
with Rules 400–404 is approximately
$618,293 per year.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this collection of information is
necessary for the proper performance of
the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden imposed
by the collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
2 Exchange Act Section 3(h)(1)(C) permits us to
impose, as part of our authority to exempt funding
portals from broker registration, ‘‘such other
requirements under [the Exchange Act] as the
Commission determines appropriate.’’

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(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202412-3235-002
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by June
9, 2025.
Dated: May 5, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–08122 Filed 5–8–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102988; File No. SR–
NASDAQ–2025–005]

Self-Regulatory Organizations; Nasdaq
Stock Market LLC; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To List and Trade Shares
of the Canary Litecoin ETF Under
Nasdaq Rule 5711(d) (CommodityBased Trust Shares)
May 5, 2025.

I. Introduction
On January 15, 2025, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade shares
(‘‘Shares’’) of the Canary Litecoin ETF
(‘‘Trust’’) under Nasdaq Rule 5711(d).
The proposed rule change was
published for comment in the Federal
Register on February 4, 2025.3
On March 11, 2025, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 This order
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 102303
(Jan. 29, 2025), 90 FR 8949 (‘‘Notice’’). Comments
received on the proposed rule change are available
at: https://www.sec.gov/comments/sr-nasdaq-2025005/srnasdaq2025005.htm.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No.
102585, 90 FR 12384 (Mar. 17, 2025). The
2 17

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institutes proceedings under Section
19(b)(2)(B) of the Act 6 to determine
whether to approve or disapprove the
proposed rule change.
II. Summary of the Proposal
As described in more detail in the
Notice,7 the Exchange proposes to list
and trade the Shares of the Trust under
Nasdaq Rule 5711(d), which governs the
listing and trading of Commodity-Based
Trust Shares on the Exchange.
According to the Exchange, the
investment objective of the Trust is for
the Shares to seek to track the
performance of Litecoin (‘‘LTC’’),8 as
measured by the CoinDesk Litecoin
Price Index (LTX)(‘‘Index’’), adjusted for
the Trust’s expenses and other
liabilities.9 In seeking to achieve its
investment objective, the Trust will
hold LTC and will value its Shares daily
as of 4:00 p.m. Eastern time (‘‘ET’’)
using the same methodology used to
calculate the Index.10 The Trust’s assets
will consist only of LTC and cash.11
When the Trust sells or redeems its
Shares, it will do so in cash transactions
with authorized participants in blocks
of 10,000 Shares.12
III. Proceedings To Determine Whether
To Approve or Disapprove SR–
NASDAQ–2025–005 and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 13 to determine
whether the proposed rule change
should be approved or disapproved.
Institution of proceedings is appropriate
at this time in view of the legal and
policy issues raised by the proposed
rule change. Institution of proceedings
Commission designated May 5, 2025, as the date by
which the Commission shall approve or disapprove,
or institute proceedings to determine whether to
disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Notice, supra note 3.
8 The Exchange states that LTC is a digital asset
that is created and transmitted through the
operations of the peer-to-peer, decentralized
network of computers that operates on
cryptographic protocols, known as the Litecoin
Network. See id. at 8950.
9 See id. Canary Capital Group LLC is the sponsor
of the Trust and CSC Delaware Trust Company is
the trustee of the Trust. BitGo Trust Company, Inc.
and Coinbase Custody Trust Company, LLC will be
responsible for the custody of the Trust’s LTC. U.S.
Bancorp Fund Services, LLC will be the
administrator of the Trust. See id. at 8949–50.
10 See id. at 8950. The Index is calculated by
applying a weighting algorithm to the price and
trading volume data for the immediately preceding
24-hour period as of 4:00 p.m., New York time,
derived from the selected digital asset trading
platforms. CoinDesk Indices, Inc. publishes the
Index. See id. at 8951.
11 See id. at 8950.
12 See id.
13 15 U.S.C. 78s(b)(2)(B).

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