Federal Register 30-Day Notice

24682

Federal Register / Vol. 90, No. 111 / Wednesday, June 11, 2025 / Notices

apply to similarly situated participants
uniformly, as described in detail above.
The Exchange does not believe that
the proposed rule changes will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act
because the proposed change applies
only to Cboe Options. Additionally, as
noted herein, the Legacy Platforms are
similar to types of products that are
widely available throughout the
industry, including from some
exchanges and the current version of
Cboe Silexx and Silexx FLEX, at similar
prices. Further, the proposed rule
change relates to an optional platform—
access to the Exchange is not contingent
accessing any version of Cboe Silexx. As
discussed, the use of the platform
continues to be completely voluntary
and market participants will continue to
have the flexibility to use any entry and
management tool that is proprietary or
from third-party vendors, and/or market
participants may choose any executing
brokers to enter their orders. The Legacy
Platforms are not an exclusive means of
trading, and if market participants
believe that other products, vendors,
front-end builds, etc. available in the
marketplace are more beneficial than
the Legacy Platforms (or the current
version of Cboe Silexx and Silexx
FLEX), they may simply use those
products instead, including for routing
orders to the Exchange (indirectly or
directly if they are authorized Users).
Use of the functionality is completely
voluntary. In fact, some Users may
choose at this time to switch to a
different vendor for order entry
management system at this time as
opposed to choosing to migrate.

khammond on DSK9W7S144PROD with NOTICES

C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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)
of the Act 12 and paragraph (f) of Rule
19b–4 13 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
12 15
13 17

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

VerDate Sep<11>2014

16:32 Jun 10, 2025

Jkt 265001

SR–CBOE–2025–041 and should be
submitted on or before July 2, 2025.

investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.

IV. Solicitation of Comments

[FR Doc. 2025–10530 Filed 6–10–25; 8:45 am]

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:

BILLING CODE 8011–01–P

Electronic Comments:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CBOE–2025–041 on the subject line.
Paper Comments:
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CBOE–2025–041. 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/sro.shtml). 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
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 the
Exchange. 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

PO 00000

Frm 00121

Fmt 4703

Sfmt 4703

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0726]

Submission for OMB Review;
Comment Request; Extension: Rules
300–304 of Regulation Crowdfunding
(Intermediaries)
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 300–304 of Regulation
Crowdfunding.1
Rules 300–304 of Regulation
Crowdfunding enumerate the
requirements with which intermediaries
must comply to participate in the offer
and sale of securities in reliance on
Section 4(a)(6) of the Securities Act of
1933 (‘‘Section 4(a)(6)’’). Rule 300
requires an intermediary to be registered
with the Commission as a broker or as
a funding portal and be a member of a
registered national securities
association.2
Rule 301 requires intermediaries to
have a reasonable basis for believing
that an issuer seeking to offer and sell
securities in reliance on Section 4(a)(6)
through the intermediary’s platform
complies with the requirements in
Section 4A(b) of the Securities Act and
the related requirements in Regulation
Crowdfunding. Rule 302 provides that
no intermediary or associated person of
an intermediary may accept an
investment commitment in a transaction
involving the offer or sale of securities
14 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’’).
2 Currently, FINRA is the only registered national
securities association.
1 See

E:\FR\FM\11JNN1.SGM

11JNN1

khammond on DSK9W7S144PROD with NOTICES

Federal Register / Vol. 90, No. 111 / Wednesday, June 11, 2025 / Notices
made in reliance on Section 4(a)(6) until
the investor has opened an account with
the intermediary and the intermediary
has obtained from the investor consent
to electronic delivery of materials. Rule
303 requires an intermediary to make
publicly available on its platform the
information that an issuer of
crowdfunding securities is required to
provide to potential investors, in a
manner that reasonably permits a
person accessing the platform to save,
download, or otherwise store the
information, for a minimum of 21 days
before any securities are sold in the
offering, during which time the
intermediary may accept investment
commitments. Rule 303 also requires
intermediaries to comply with the
requirements related to the maintenance
and transmission of funds. An
intermediary that is a registered broker
is required to comply with the
requirements of Rule 15c2–4 of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) (Transmission or
Maintenance of Payments Received in
Connection with Underwritings).3 An
intermediary that is a registered funding
portal must direct investors to transmit
the money or other consideration
directly to a qualified third party that
has agreed in writing to hold the funds
for the benefit of, and to promptly
transmit or return the funds to, the
persons entitled thereto in accordance
with Regulation Crowdfunding.
The rules also require intermediaries
to implement and maintain systems to
comply with the information disclosure,
communication channels, and investor
notification requirements. These
requirements include providing
disclosure about compensation at
account opening (Rule 302), obtaining
investor acknowledgements to confirm
investor qualifications and review of
educational materials (Rule 303),
providing investor questionnaires (Rule
303), providing communication
channels with third parties and among
investors (Rule 303), notifying investors
of investment commitments (Rule 303),
confirming completed transactions
(Rule 303) and confirming or
reconfirming offering cancellations
(Rule 304).
The Commission staff estimates that
there will be 135 intermediaries engaged
in crowdfunding activity and therefore
subject to Rules 300–304. The
Commission staff estimates the
annualized industry burden will be
27,732 hours to comply with Rules 300–
304. The Commission staff further
estimates that the costs associated with

complying with Rules 300–304 will be
a total amount of $16,960,716.
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 proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of
information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
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=202503-3235-003
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by July
14, 2025.
Dated: June 5, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–10522 Filed 6–10–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103198; File No. SR–
NYSEARCA–2025–38]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of a
Proposed Rule Change, as Modified by
Amendment No. 1, To Amend the
Bitwise Bitcoin ETF Trust and the
Bitwise Ethereum ETF in Order To
Permit In-Kind Creations and
Redemptions
June 5, 2025.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on May 21,
2025, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

3 17

CFR 240.15c2–4.

VerDate Sep<11>2014

16:32 Jun 10, 2025

Jkt 265001

PO 00000

Frm 00122

Fmt 4703

Sfmt 4703

24683

change to amend the Bitwise Bitcoin
ETF Trust and the Bitwise Ethereum
ETF to permit in-kind creations and
redemptions. On June 4, 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, is
described in Items I, II, and III below,
which Items have been prepared by the
self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as modified by Amendment No.
1, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change, as Modified
by Amendment No. 1
The Exchange proposes to amend the
Bitwise Bitcoin ETF Trust and the
Bitwise Ethereum ETF, shares of which
have been approved by the Commission
to list and trade on the Exchange
pursuant to Rule 8.201–E (CommodityBased Trust Shares), to permit in-kind
creations and redemptions. This
Amendment No. 1 to SR–NYSEARCA–
2025–38 replaces SR–NYSEARCA–
2025–38 as originally filed and
supersedes such filing in its entirety.
The proposed rule change is available
on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change, as Modified by Amendment
No. 1
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Bitwise Bitcoin ETF Trust (the ‘‘Bitcoin
Trust’’) and the Bitwise Ethereum ETF
(the ‘‘ETH Trust’’ and, together with the
Bitcoin Trust, the ‘‘Trusts’’), shares of
which have been approved by the

E:\FR\FM\11JNN1.SGM

11JNN1