2278 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 

76 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

high speed lines. In addition, the IIV 

will be available through on-line 

information services such as Bloomberg 

and Reuters. 

The price of bitcoin will be made 

available by one or more major market 

data vendors, updated at least every 15 

seconds during Regular Trading Hours. 

As noted above, the Index is designed 

to provide an estimated fair market 

value for bitcoin. Information about the 

Index and Index value, including key 

elements of how the Index is calculated, 

will be publicly available at https://

lukka.tech. 

Quotation and last sale information 

for bitcoin is widely disseminated 

through a variety of major market data 

vendors, including Bloomberg and 

Reuters. Information relating to trading, 

including price and volume 

information, in bitcoin is available from 

major market data vendors and from the 

trading platforms on which bitcoin are 

traded. Depth of book information is 

also available from bitcoin trading 

platforms. The normal trading hours for 

bitcoin trading platforms are 24 hours 

per day, 365 days per year. 

Information regarding market price 

and trading volume of the Shares will be 

continually available on a real-time 

basis throughout the day on brokers’ 

computer screens and other electronic 

services. Information regarding the 

previous day’s closing price and trading 

volume information for the Shares will 

be published daily in the financial 

section of newspapers. Quotation and 

last-sale information regarding the 

Shares will be disseminated through the 

facilities of the CTA. 

In sum, the Exchange believes that 

this proposal is consistent with the 

requirements of section 6(b)(5) of the 

Act, that this filing sufficiently 

demonstrates that the CME Bitcoin 

Futures market represents a regulated 

market of significant size, and that on 

the whole the manipulation concerns 

previously articulated by the 

Commission are sufficiently mitigated to 

the point that they are outweighed by 

investor protection issues that would be 

resolved by approving this proposal. 

The Exchange believes that the 

proposal is, in particular, designed to 

protect investors and the public interest. 

The investor protection issues for U.S. 

investors has grown significantly over 

the last several years, through roll costs 

for Bitcoin Futures ETFs and premium/ 

discount volatility and management fees 

for OTC Bitcoin Funds. As discussed 

throughout, this growth investor 

protection concerns need to be 

reevaluated and rebalanced with the 

prevention of fraudulent and 

manipulative acts and practices 

concerns that previous disapproval 

orders have relied upon. Finally, the 

Exchange notes that in addition to all of 

the arguments herein which it believes 

sufficiently establish the CME Bitcoin 

Futures market as a regulated market of 

significant size, it is logically 

inconsistent to find that the CME 

Bitcoin Futures market is a significant 

market as it relates to the CME Bitcoin 

Futures market, but not a significant 

market as it relates to the bitcoin spot 

market for the numerous reasons laid 

out above. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

section 6(b)(5) of the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purpose of the Act. The Exchange 

notes that the proposed rule change, 

rather will facilitate the listing and 

trading of an additional exchange-traded 

product that will enhance competition 

among both market participants and 

listing venues, to the benefit of investors 

and the marketplace. 

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. 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/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeBZX–2023–038 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–CboeBZX–2023–038. 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 

SR–CboeBZX–2023–038 and should be 

submitted on or before February 2, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.76

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00501 Filed 1–11–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99297; File No. SR– 

NASDAQ–2023–057] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Add the 

User Specific Routing Option 

January 8, 2024. 

Pursuant to section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

26, 2023, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 


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Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 2279 

3See Nasdaq Rule 4703 and Rule 4758. 

4See Nasdaq Rule 4758(a)(1)(A)(v)b.. 

5While the destinations included in the 

proprietary System routing table are not disclosed, 

a User may elect to exclude a destination and the 

System routing table for the User Specific option 

will be amended, if necessary. 

6See Equity 1, Section 1(a). The Nasdaq Market 

Center, or System, means the automated system for 

order execution and trade reporting owned and 

operated by The Nasdaq Stock Market LLC. 

7A ‘‘Designated Retail Order’’ is an agency or 

riskless principal order that meets the criteria of 

FINRA Rule 5320.03 and that originates from a 

natural person and is submitted to Nasdaq by a 

member that designates it pursuant to this rule, 

provided that no change is made to the terms of the 

order with respect to price or side of market and 

the order does not originate from a trading 

algorithm or any other computerized methodology. 

8The former EDGX Exchange, Inc. is now known 

as the Cboe EDGX Exchange, Inc. 

9EDGX filed its proposal to amend certain of its 

rules to adopt or align system functionality with 

what was offered by BATS Exchange, Inc. and 

BATS Y Exchange, Inc. (collectively, ‘‘BATS’’) so as 

to provide a consistent technology offering amongst 

EDGX and its affiliates. 

10See e.g., Cboe BZX Exchange, Inc. Rule 

11.13(b)(3)(E) (formerly, BATS Rule 11.13(a)(3)(E). 

11See Securities Exchange Act Release No. 73468 

(Oct. 29, 2014), 79 FR 65450 (Nov. 4, 2014) (SR– 

EDGX–2014–18). 

12See EDGX Rule 11.11(g)(10) states that 

Destination Specific is ‘‘a routing option under 

which an order checks the System for available 

shares and then is sent to an away trading center 

or centers specified by the User.’’ 

13See EDGX Rule 11.6(n)(5). 

14See EDGX Rule 11.10(a)(4). 

II, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Nasdaq Rule 4758(a)(1)(A) regarding 

Nasdaq’s routing options to add a user 

specific routing option that can be 

applied to the RFTY routing strategy, as 

well as to correct typographical errors in 

Equity 4, Rules 4703 and 4758. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

In its filing with the Commission, the 

Exchange 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 these 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend Equity 4, Rule 

4758(a)(1)(A) to add a user specific 

routing option, as well as to correct 

several typographical errors in Nasdaq 

Rules 4703 and 4758.3

Specifically, the Exchange proposes to 

amend Rule 4758 by adding subsection 

(a)(1)(A)(xvii) to add a new routing 

option called ‘‘User Specific’’. The User 

Specific routing option can be applied 

to the RFTY 4 routing strategy, where 

the routing process will be based on the 

RFTY routing strategy, and allows for 

the User to elect to designate or 

exclude 5 one or more destinations in 

the Nasdaq Market Center’s (the 

‘‘System’’) routing table and elect the 

sequence in which destinations are 

accessed, including the option to not 

post to the book. The User may also 

elect the price and peg instructions with 

which to route on a per venue basis. The 

User may not elect to route the order to 

locking or crossing market centers once 

an order is on the book. 

The routing destinations are listed on 

the System’s routing table.6 If the User 

Specific routing option is applied, the 

User may elect to route to additional 

destinations and may elect to not route 

to destinations that would otherwise be 

accessed by the strategy, subject to Reg 

NMS and trade through protections. The 

User may also elect the price and peg 

instructions with which to route on a 

per venue basis. The User may not elect 

to route the order to locking or crossing 

market centers once an order is on the 

book. When electing the User Specific 

routing option, Users will continue to 

use the RFTY routing strategy, but will 

provide a Nasdaq defined unique 

custom routing value on an order by 

order basis to denote that the User 

Specific option has been invoked and 

will be used based on the User’s 

specifications. 

The RFTY strategy is a is a routing 

option available for an order that 

qualifies as a Designated Retail Order,7

under which orders check the System 

for available shares only if so instructed 

by the entering firm and are thereafter 

routed to destinations on the System 

routing table. If shares remain 

unexecuted after routing, they are 

posted to the book. Once on the book, 

should the order subsequently be locked 

or crossed by another market center, the 

System will not route the order to the 

locking or crossing market center. RTFY 

is designed to allow orders to 

participate in the opening, reopening 

and closing process of the primary 

listing market for a security. One 

example of the application of the User 

Specific routing option is a User 

electing to route to designated 

destinations with mid-point peg 

instructions to seek price improvement 

opportunities before cancelling back any 

remaining shares without posting to the 

book. A User may also elect the User 

Specific routing option to exclude one 

or more non-NMS destinations that the 

strategy would otherwise route to 

because they already access them using 

other means. 

Although they are not currently 

offered on the Exchange, all 

customization options offered by 

Nasdaq’s proposed rule change to add a 

User Specific routing option are not 

novel and already exist within the 

national market system and are noncontroversial. The concept is similar to 

the routing option included in an EDGX 

Exchange, Inc. (‘‘EDGX’’) 8 filing (the 

‘‘EDGX Filing’’) 9 that, in turn, was 

based on a BATS routing strategy.10 The 

routing option added by the EDGX 

Filing (since renumbered as EDGX Rule 

11.11(g)(10)) is the destination specific 

(‘‘Destination Specific’’) routing 

option.11 As with Nasdaq’s proposed 

User Specific routing option, the EDGX 

Destination Specific routing option is 

one in which an order checks the 

System for available shares and then is 

sent to an away trading center or centers 

specified by the user.12

Nasdaq’s proposed User Specific 

routing option also incorporates EDGX’s 

Destination Specified order instruction, 

set forth in EDGX Rule 11.6(n)(5),13 in 

that both allow the user to select the 

destination to where the order will be 

routed. The only differences are that 

under EDGX’s Destination Specific 

order instruction the order is first 

exposed to the EDGX Book before 

routing, and if the order is not executed 

in full after routing away, it will be 

processed by EDGX as described in 

EDGX Rule 11.10(a)(4),14 unless the user 

has provided instructions that the order 

reside on the book of the relevant away 

trading center. Also, Nasdaq’s proposed 

User Specific routing option permits the 

User not only to elect to route to 

additional destinations, but also allows 

a User to elect to not route to 

destinations that would otherwise be 


khammond on DSKJM1Z7X2PROD with NOTICES
2280 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 

15 15 U.S.C. 78f(b). 

16 15 U.S.C. 78f(b)(5). 

17 15 U.S.C. 78f(b). 

18See EDGX Rules 11.6(n)(5) and11.11(g)(10) as 

described above that, in turn, was based on a BATS 

routing option (based on Cboe BZX Exchange, Inc. 

Rule 11.13(b)(3)(E) (formerly, BATS Rule 

11.13(a)(3)(E)). 

19 15 U.S.C. 78s(b)(3)(A)(iii). 

20 17 CFR 240.19b–4(f)(6). 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

accessed by the strategy, subject to Reg 

NMS and trade through protections. 

Additionally, the Exchange proposes 

to correct two typographical errors in 

Rule 4703(a), one typographical error in 

Rule 4703(a)(7), and two typographical 

errors in Rule 4758(a)(1)(A)(v)b., in each 

instance the text mistakenly refers to 

‘‘RFTY’’ as ‘‘RTFY’’ and this 

amendment will rectify these 

typographical errors. 

Implementation Date 

The Exchange will issue an Equities 

Trader Alert to provide notification of 

the change and intends to implement 

the proposed change in the fourth 

quarter of 2023. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with section 6(b) 

of the Act,15 in general, and furthers the 

objectives of section 6(b)(5) of the Act,16

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

The Exchange believes the proposed 

rule change will satisfy the objectives of 

section 6(b)(5) of the Act, in particular, 

to perfect the mechanism of a free and 

open market through supporting fair 

and orderly markets that protects 

investors and the public interest. 

Specifically, the proposed rule change 

achieves this through providing market 

participants with a voluntary routing 

option that is applicable to the RFTY 

routing strategy that will provide them 

with additional control over the 

execution of their orders, as well as 

support price improvement, to the 

benefit of retail market participants. 

Additionally, the Exchange believes 

that while the level of customization by 

the User for a routing option does not 

exist explicitly within any single 

routing choice on the Exchange, or the 

BATS’ Destination Specific order type, 

the options embedded in the User 

Specific routing option are available 

throughout the national market system. 

For example, it is consistent with 

section 6(b) of the Act,17 in general, and 

furthers the objectives of section 6(b)(5) 

of the Act by providing retail market 

participants with a voluntary routing 

option that is similar in concept to one 

offered by EDGX that, in turn, was based 

on a BATS routing strategy, that benefits 

retail market participants through 

increased optionality and helps to 

support fair and orderly markets that 

protects investors and the public 

interest. 

The Exchange notes that the level of 

customization by the User goes beyond 

the Destination Specific or other 

Exchange routing options, but the 

choices that the User may employ, and 

the outcomes of having greater control 

over the order handling of the orders are 

not novel. Although the optionality may 

not currently exist explicitly on the 

Exchange, it does exist within the 

national market system and is noncontroversial and allows for a similar 

degree of optionality (e.g., ability to opt 

in/opt out of routing an order, electing 

the price level to access) and is already 

available to broker/dealers and has 

proven to be non-disruptive. The 

Exchange believes that the proposed 

rule change thus serves to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general to protect investors and the 

public interest because it benefits retail 

market participants through increased 

optionality and supporting price 

improvement. 

The correction to two typographical 

errors in Rule 4703(a), one 

typographical error in Rule 4703(a)(7), 

and two typographical errors in Rule 

4758(a)(1)(A)(v)b., in each instance the 

text mistakenly refers to ‘‘RFTY’’ as 

‘‘RTFY’’, is consistent with section 

6(b)(5) of the Act because the 

clarification will reduce potential 

confusion and removes impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

For the foregoing reasons, the 

Exchange believes that the proposed 

rule change is consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. As discussed 

above, while the level of customization 

by the User for a routing option does not 

exist explicitly within any single 

routing choice on the Exchange, or the 

BATS’ Destination Specific order type, 

the options embedded in the User 

Specific routing option are available 

throughout the national market system. 

The proposed functionality is based on 

existing functionality available on 

competitor exchanges 18 and the 

additional allowance for customization 

by the User is non-controversial and 

consistent with section 6(b) of the Act. 

Furthermore, the Exchange provides 

routing services in a highly competitive 

market in which participants may avail 

themselves of a wide variety of routing 

options offered by other exchanges, 

alternative trading systems, other 

broker-dealers, market participants’ own 

proprietary routing systems, and service 

bureaus. In such an environment, 

system enhancements such as the 

changes proposed in this rule filing do 

not burden competition, because they 

can succeed in attracting order flow to 

the Exchange only if they offer investors 

higher quality and better value than 

services offered by others. Encouraging 

competitors to provide higher quality 

and better value is the essence of a wellfunctioning competitive marketplace. 

For the foregoing reasons, the 

Exchange does not believe the proposed 

rule change will result in any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 19 and Rule 

19b–4(f)(6) thereunder.20 Because the 

proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to section 19(b)(3)(A) 

of the Act 21 and Rule 19b–4(f)(6)(iii) 

thereunder.22


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 2281 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

23 17 CFR 240.19b–4(f)(6). 

24 17 CFR 240.19b–4(f)(6)(iii). 

25For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

26 15 U.S.C. 78s(b)(2)(B). 27 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 97922 

(July 17, 2023), 88 FR 47214. Comments on the 

proposed rule change are available at: https://

www.sec.gov/comments/sr-nasdaq-2023-019/ 

srnasdaq2023019.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 98262, 

88 FR 61658 (Sept. 7, 2023). 

6See Securities Exchange Act Release No. 98606, 

88 FR 68894 (Oct. 4, 2023). 

A proposed rule change filed under 

Rule 19b–4(f)(6) 23 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),24 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The Exchange 

states that it wants to implement the 

RFTY during the first quarter of 2024 

and granting the waiver would allow 

market participants and their customers 

to benefit more immediately from the 

increased order handling flexibility 

provided by the RFTY routing option. In 

addition, the Exchange stated that the 

proposed rule change presents no 

unique or novel issues that have not 

already been addressed by the 

Commission. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.25

At any time within 60 days of the 

filing of such 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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under section 19(b)(2)(B) 26 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

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/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–057 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–NASDAQ–2023–057. 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 

SR–NASDAQ–2023–057 and should be 

submitted on or before February 2, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00504 Filed 1–11–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99287; File No. SR– 

NASDAQ–2023–019] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing of Amendment No. 1 to a 

Proposed Rule Change To List and 

Trade Shares of the Valkyrie Bitcoin 

Fund Under Nasdaq Rule 5711(d), 

Commodity-Based Trust Shares 

January 8, 2024. 

On July 3, 2023, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 

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 of the 

Valkyrie Bitcoin Fund under Nasdaq 

Rule 5711(d), Commodity-Based Trust 

Shares. The proposed rule change was 

published for comment in the Federal 

Register on July 21, 2023.3 On August 

31, 2023, 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

On September 28, 2023, the 

Commission instituted proceedings to 

determine whether to disapprove the 

proposed rule change.6 On January 5, 

2024, the Exchange filed Amendment 

No. 1 to the proposed rule change as 

described in Items I and II below, which 

Items have been prepared by the 

Exchange. Amendment No. 1 amended 

and replaced the proposed rule change 

in its entirety. 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 

The Exchange proposes to list and 

trade shares of the Valkyrie Bitcoin 

Fund (the ‘‘Trust’’) under Nasdaq Rule 

5711(d) (‘‘Commodity-Based Trust 


khammond on DSKJM1Z7X2PROD with NOTICES