3014 Federal Register / Vol. 89, No. 11 / Wednesday, January 17, 2024 / Notices 

72See, e.g., Spotto Letter; Lester Letter; Bayat 

Letter; Occupy Letter at 2; Letter from James Erbe, 

dated July 17, 2023, regarding SR–NASDAQ–2023– 

016; Letter from Keith Boyd, dated Oct. 24, 2023, 

regarding SR–CboeBZX–2023–028; Letter from 

Michael H., dated Nov. 29, 2023, regarding SR– 

CboeBZX–2023–028. 73See, e.g., TDD Letter; Steven Letter; Bayat 

Letter; Schettler Letter; Warren Letters; Letter from 

Mandy DeRoche of Earthjustice, Scott Faber and 

Jessica Hernandez of the Environmental Working 

Group, and Josh Archer and Erik Kojola of 

Greenpeace, dated Aug. 30, 2023, regarding SR– 

CboeBZX–2023–028, SR–CboeBZX–2023–038, SR– 

CboeBZX–2023–042, SR–NASDAQ–2023–016, SR– 

NASDAQ–2023–019, SR–NYSEARCA–2023–44; 

Letter from Marcus AE, dated Nov. 8, 2023, 

regarding SR–CboeBZX–2023–028. 

74See, e.g., Woods Letter; Fernanda Letter; John 

Smith Letter; Sapp Letter; Letter from David Alden, 

dated Aug. 14, 2023, regarding SR–CboeBZX–2023– 

028; Letter from Dennis Smith, dated Oct. 24, 2023, 

regarding SR–NASDAQ–2023–016; McGinley 

Letter; Letter from Berkshire, dated Aug. 7, 2023, 

regarding SR–CboeBZX–2023–038; Letter from 

Omar Ibrahim, dated July 15, 2023, regarding SR– 

CboeBZX–2023–040, SR–CboeBZX–2023–044, and 

SR–NASDAQ–2023–016; Letter from Paul Knight, 

dated July 18, 2023, regarding SR–CboeBZX–2023– 

028, SR–CboeBZX–2023–038, SR–CboeBZX–2023– 

040, SR–CboeBZX–2023–042, and SR–CboeBZX– 

2023–044; Letter from Jeff Calhoun, dated Dec. 12, 

2023, regarding SR–CboeBZX–2023–028. 

75See, e.g., Occupy Letter at 2; Brogan Letter. 

76See, e.g., Angel Letter at 3–6. 

77See, e.g., Letter from Naceur Hussein, dated 

July 18, 2023, regarding SR–CboeBZX–2023–044; 

Letter from Axel Hoogland, dated Aug. 15, 2023, 

regarding SR–CboeBZX–2023–028. A commenter 

discusses the benefits of in-kind creation and 

redemption mechanisms for spot bitcoin ETPs, and 

the drawbacks to having only cash creation and 

redemption mechanisms for such ETPs. See Letter 

from James J. Angel, Georgetown University, dated 

Dec. 12, 2023, regarding SR–NYSEARCA–2021–90, 

SR–NYSEARCA–2023–44, SR–NYSEARCA–2023– 

58, SR–NASDAQ–2023–016, SR–NASDAQ–2023– 

019, SR–CboeBZX–2023–028, SR–CboeBZX–2023– 

038, SR–CboeBZX–2023–040, SR–CboeBZX–2023– 

042, SR–CboeBZX–2023–044, and SR–CboeBZX– 

2023–072. The Proposals under consideration by 

the Commission in this order only contemplate cash 

creation and redemption by authorized participants. 

Accordingly, in-kind creation and redemption 

processes by authorized participants, and their 

relative benefits or drawbacks, are outside the scope 

of this order. 

78See, e.g., Angel Letter at 3. 

79See, e.g., Letters from Marie-Lise Lipchik, dated 

Aug. 11, 2023, and Aug. 15, 2023, regarding SR– 

CboeBZX–2023–028; Letter from William C. 

Piontek, dated Aug. 12, 2023, regarding SR– 

CboeBZX–2023–028. 

80 15 U.S.C. 78f(b)(5); 15 U.S.C. 78k– 

1(a)(1)(C)(iii). 

81See supra notes 3–13. 

82See also supra Section II.B. 

83 15 U.S.C. 78s(b)(2). 

84See supra notes 3–13. In addition, the shares 

of the Trusts in SR–NYSEARCA–2021–90 and 

NYSEARCA–2023–44 must comply with the 

requirements of NYSE Arca Rule 8.201–E 

(Commodity-Based Trust Shares) to be listed and 

traded on NYSE Arca on an initial and continuing 

basis; the shares of the Trust in SR–NYSEARCA– 

2023–58 must comply with the requirements of 

NYSE Arca Rule 8.500–E (Trust Units) to be listed 

and traded on NYSE Arca on an initial and 

continuing basis; the shares of the Trusts in SR– 

NASDAQ–2023–016 and SR–NASDAQ–2023–019 

must comply with the requirements of Nasdaq Rule 

5711(d) (Commodity-Based Trust Shares) to be 

listed and traded on Nasdaq on an initial and 

continuing basis; and the shares of the Trusts in 

SR–CboeBZX–2023–028, SR–CboeBZX–2023–038, 

SR–CboeBZX–2023–040, SR–CboeBZX–2023–042, 

SR–CboeBZX–2023–044, and SR–CboeBZX–2023– 

072 must comply with the requirements of BZX 

Rule 14.11(e)(4) (Commodity-Based Trust Shares) to 

be listed and traded on BZX on an initial and 

continuing basis. 

85 15 U.S.C. 78f(b)(2). 

86 15 U.S.C. 78f(b)(5); 15 U.S.C. 78k– 

1(a)(1)(C)(iii). 

87 15 U.S.C. 78f(b)(2). 

in bitcoin and/or bitcoin ETPs; 72 the 

nature of the bitcoin mining network 

and its environmental impacts; 73 the 

potential impact of Commission 

approval of spot bitcoin ETPs on the 

economy, jobs, U.S. innovation, and/or 

U.S. geopolitical position; 74 the 

potential impact of Commission 

approval of spot bitcoin ETPs on the 

bitcoin market itself; 75 suggestions for 

improving regulation of crypto asset 

markets 76 and criticisms of the current 

regulatory approach; 77 suggestions for 

the Commission’s allocation of its 

resources; 78 and specific concerns 

relating to a sponsor of one of the 

Trusts.79 Ultimately, however, the 

Commission has considered and, for the 

reasons discussed above, is approving 

the Proposals under the standards 

applicable to them; namely, the 

standards provided by Section 6(b)(5) 

and Section 11A(a)(1)(C)(iii) of the 

Exchange Act.80

III. Accelerated Approval of the 

Proposals 

The Commission finds good cause to 

approve the Proposals prior to the 30th 

day after the date of publication of 

notice of the Exchanges’ amended 

filings 81 in the Federal Register. The 

amended filings clarified the 

descriptions of the Trusts; further 

described the terms of the Trusts; and 

conformed various representations in 

the amended filings to the applicable 

Exchange’s listing standards and to 

representations that the Exchanges have 

made for other spot commodity ETPs 

that the Commission has approved.82

These changes do not raise any novel 

regulatory issues. Further, the changes 

assist the Commission in evaluating the 

Proposals and in determining that they 

are consistent with the Exchange Act 

and the rules and regulations 

thereunder applicable to a national 

securities exchange, as discussed above. 

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Exchange Act,83 to approve the 

Proposals on an accelerated basis. 

IV. Conclusion 

This approval order is based on all of 

the Exchanges’ representations and 

descriptions in their respective 

amended filings, which the Commission 

has carefully evaluated as discussed 

above.84 For the reasons set forth above, 

including the Commission’s correlation 

analysis, the Commission finds, 

pursuant to Section 19(b)(2) of the 

Exchange Act,85 that the Proposals are 

consistent with the requirements of the 

Exchange Act and the rules and 

regulations thereunder applicable to a 

national securities exchange, and in 

particular, with Section 6(b)(5) and 

Section 11A(a)(1)(C)(iii) of the Exchange 

Act.86

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,87

that the Proposals (SR–NYSEARCA– 

2021–90; SR–NYSEARCA–2023–44; 

SR–NYSEARCA–2023–58; SR– 

NASDAQ–2023–016; SR–NASDAQ– 

2023–019; SR–CboeBZX–2023–028; SR– 

CboeBZX–2023–038; SR–CboeBZX– 

2023–040; SR–CboeBZX–2023–042; SR– 

CboeBZX–2023–044; SR–CboeBZX– 

2023–072) be, and hereby are, approved 

on an accelerated basis. 

By the Commission. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–00743 Filed 1–16–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Small Business Size Standards: 

Notification of Two Virtual Public 

Forums on the 2023 Revised Size 

Standards Methodology White Paper 

AGENCY: Small Business Administration. 

ACTION: Notification of virtual public 

forums on size standards review and 

methodology. 

SUMMARY: The U.S. Small Business 

Administration (SBA) is holding a series 

of two virtual public forums on size 

standards to update the public on the 

status of the forthcoming third five-year 

review of size standards, as mandated 

by the Small Business Jobs Act of 2010, 

and to consider public testimony on 

proposed changes to the SBA’s size 

standards methodology for establishing, 

reviewing, or modifying size standards, 

as detailed in SBA’s 2023 Revised Size 

Standards Methodology White Paper 

(2023 Revised Methodology). Testimony 

presented at these forums will become 

part of the administrative record for 

SBA’s consideration when finalizing the 

2023 Revised Methodology. 

DATES: The virtual forum dates are as 

follows: 

• Tuesday, January 23, 2024, from 

1:00 p.m. to 3:00 p.m., EST. 


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Federal Register / Vol. 89, No. 11 / Wednesday, January 17, 2024 / Notices 3015 

• Thursday, January 25, 2024, from 

1:00 p.m. to 3:00 p.m., EST. 

ADDRESSES: The forums will be held via 

the Microsoft Teams platform. 

Registration is required to attend these 

virtual events. Visit SBA’s size 

standards web page at http://

www.sba.gov/size to register. 

FOR FURTHER INFORMATION CONTACT: 

Samuel Castilla, Economist, Office of 

Size Standards, (202) 619–0389 or 

sizestandards@sba.gov. The phone 

number above may also be reached by 

individuals who are deaf or hard of 

hearing, or who have speech 

disabilities, through the Federal 

Communications Commission’s TTYBased Telecommunications Relay 

Service teletype service at 711. 

SUPPLEMENTARY INFORMATION: 

I. Background 

SBA is seeking public comments on 

its SBA’s 2023 Revised Size Standards 

Methodology White Paper (2023 Revised 

Methodology) (available at 

www.sba.gov/size) in accordance with 

SBA’s Federal Register notice issued on 

December 11, 2023 (88 FR 85852) which 

notified the public of the availability of 

the revised size standards methodology 

for public review and requested 

comments on SBA’s proposed revisions. 

The 2023 Revised Methodology explains 

how SBA establishes, reviews, and 

modifies small business size standards. 

Specifically, the 2023 Revised 

Methodology provides a detailed 

description of SBA’s size standards 

methodology, including changes from 

SBA’s current methodology (also 

available at www.sba.gov/size), which 

guided the SBA’s recently completed 

second five-year review of size 

standards required by the Small 

Business Jobs Act of 2010 (Pub. L. 111– 

240, 124 Stat. 2504, Sept. 27, 2010) (Jobs 

Act). SBA welcomes from interested 

parties comments and feedback on the 

2023 Revised Methodology, which SBA 

intends to apply to the forthcoming 

third five-year review of size standards 

under the Jobs Act. The comment period 

ends on February 9, 2024. 

SBA is proposing changes to its 

methodology for reviewing size 

standards in order to address public 

comments received under the second 

five-year review of size standards and to 

make certain analytical improvements. 

Major changes to the size standards 

methodology include: (1) Replacing the 

current approach to account for the 

Federal contracting factor with the 

‘‘disparity ratio’’ approach; (2) Using the 

Federal Procurement Data System— 

Next Generation (FPDS–NG) and the 

System for Award Management (SAM) 

data to compute the 20th percentile and 

80th percentile values of industry 

factors for evaluating size standards at 

subindustry levels (‘‘exceptions’’), 

instead of having those calculated based 

on the Economic Census data; (3) 

Updating the minimum and maximum 

size standard levels; and (4) Updating 

the 20th percentile and 80th percentile 

values of industry factors, derived from 

the 2017 Economic Census (latest 

available) and other industry data, used 

to evaluate the structure of each 

industry. 

Comments solicited by SBA on the 

2023 Revised Methodology are not 

industry specific, but rather, focused on 

SBA’s process and assumptions for 

evaluating size standards more 

generally. After evaluating all comments 

received and finalizing the 2023 Revised 

Methodology, SBA will later issue 

proposed rules detailing the proposed 

revisions to size standards using the 

process described in the finalized size 

standards methodology. 

Generally, SBA accepts comments on 

size standards for specific industries 

under the relevant proposed rule 

detailing the proposed revisions to size 

standards for a particular industry or a 

group of industries. This is to ensure 

that commenters are fully informed of 

the impacts of SBA’s finalized size 

standards methodology on the 

industries for which they are interested 

in, and to offer stakeholders the 

opportunity to provide SBA with 

comments, data, and analysis assessing 

the appropriateness of SBA’s proposed 

size standards. As such, SBA 

encourages commenters with industryspecific comments to share their 

feedback under the relevant forthcoming 

proposed rule after reviewing SBA’s 

proposed size standard for their specific 

industry, or group of industries, of 

interest. After evaluating all public 

comments to the proposed rule, SBA 

will issue a final rule adjusting size 

standards under the forthcoming third 

five-year review of size standards. 

II. Virtual Public Forums on Size 

Standards 

Under this notice, SBA is advising the 

public that it is hosting a series of two 

virtual public forums on size standards 

to update the public on the status of the 

forthcoming third five-year review of 

size standards under the Jobs Act and 

consider public testimony on proposed 

changes contained in the 2023 Revised 

Methodology. These forums also 

conform to the requirements of section 

1344 of the Jobs Act which mandates 

that SBA hold not less than two public 

forums during its quinquennial review 

of size standards. 

As part of fulfilling that mandate 

under the recently completed second 

five-year review of size standards, on 

June 14 and June 16, 2022, SBA held a 

series of two virtual forums on size 

standards in order to update the public 

on the status of the ongoing second fiveyear review of size standards and 

consider public testimony on proposed 

changes to size standards contained in 

the proposed rule covering 

Manufacturing and other industries 

with employee-based size standards (87 

FR 24752; April 26, 2022). Comments 

received during the virtual sessions 

were entered into the public docket for 

the rule and used to further refine SBA’s 

evaluation of size standards. SBA 

responded to all comments received 

during the virtual sessions in the final 

rule for Manufacturing and other 

industries with employee-based size 

standards (88 FR 9970; February 15, 

2023). SBA will use a similar format for 

soliciting and evaluating comments on 

the 2023 Revised Methodology. 

SBA will hold additional public 

forums after issuing proposed rules 

evaluating size standards under the 

third five-year review of size standards. 

SBA encourages commenters with 

industry-specific comments to share 

their feedback at this later stage after 

reviewing SBA’s proposed changes to 

size standards. SBA considers public 

forums on size standards as a valuable 

component of its deliberations and 

public engagement and believes that 

these forums allow for constructive 

dialogue with small businesses and 

their representatives, industry trade 

associations, participants in SBA’s 

contracting and financial assistance 

programs, and other stakeholders. 

The format of the public forums on 

the SBA’s 2023 Revised Methodology 

will consist of a panel of SBA 

representatives who will preside over 

the session. The oral and written 

testimony as well as any comments SBA 

receives during the public forums will 

become part of the administrative record 

for SBA’s consideration in finalizing its 

size standards methodology. Written 

testimony may be submitted in lieu of 

oral testimony on or before February 9, 

2024, at www.regulations.gov, using the 

following Docket number: SBA–2023– 

0015; by email to sizestandards@sba.gov 

with subject line ‘‘Comments to SBA– 

2023–0015’’; or by mail to Khem R. 

Sharma, Chief, Office of Size Standards, 

409 3rd Street SW, Mail Code 6530, 

Washington, DC, 20416. SBA will 

analyze the testimony, both oral and 

written, along with any written 

comments received and respond to all 

comments in a notice finalizing the 

2023 Revised Methodology. However, 


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3016 Federal Register / Vol. 89, No. 11 / Wednesday, January 17, 2024 / Notices 

during the public forums, SBA officials 

will not provide comment on the 

testimony of speakers. SBA requests that 

commenters focus on the contents of 

SBA’s 2023 Revised Methodology. SBA 

requests that commenters do not raise 

issues pertaining to specific industries, 

or issues outside the scope of SBA’s 

2023 Revised Methodology. 

In the December 11, 2023, Federal 

Register notice, SBA requested feedback 

on a number of questions within the 

scope of the 2023 Revised Methodology, 

including: (a) Should SBA adopt a new 

disparity ratio approach to evaluating 

small business participation in the 

Federal market, which will replace the 

Federal contracting factor the Agency 

used in the past?; (b) Should SBA lower 

size standards regardless of prevailing 

economic conditions when the 

analytical results support lowering them 

or should it consider the prevailing 

economic environment when deciding 

on whether to revise size standards?; (c) 

Should SBA consider adjusting 

employee-based size standards for labor 

productivity growth or increased 

automation similar to it adjusts 

monetary-based size standards for 

inflation?; (d) Should SBA consider 

lowering its size standards generally?; 

(e) Are there alternative or additional 

factors or data sources that SBA should 

consider when establishing, reviewing, 

or revising size standards?; and (f) Does 

SBA’s current approach to establishing 

or modifying small business size 

standards make sense in the current 

economic environment? SBA hopes to 

receive public input on these questions, 

as well as on others, as posed in the 

December 2023 notice. 

Presenters are encouraged to provide 

a written copy of their testimony. SBA 

will accept written material that the 

presenter wishes to provide that further 

supplements his or her testimony 

during the public forums. Electronic or 

digitized submissions are encouraged. 

The two virtual public forums on size 

standards will be held on Tuesday, 

January 16, 2024 and Thursday, January 

18, 2024, from 1:00 p.m. to 3:00 p.m. 

EST; SBA will adjourn early if all 

testimony has been delivered before the 

end time. 

III. Registration 

Participants must pre-register to 

attend either of the two virtual public 

forums on size standards by visiting 

SBA’s size standards web page at http:// 

www.sba.gov/size and registering at the 

link provided. On the registration form, 

participants may indicate whether they 

would like to testify at the forum. After 

registering, participants will receive an 

email with an access link and call-in 

information which can be used to access 

the forum on the scheduled date and 

time. Additional information about the 

forum is provided on SBA’s 

announcements about updating size 

standards web page, available at https:// 

www.sba.gov/articles?keyword=&

article_type=253&field_article_

authoring_office_target_

id=5086&langcode=All, and in the 

invitation that participants receive upon 

registration. SBA will attempt to 

accommodate all interested parties that 

wish to present testimony. Based on the 

number of registrants it may be 

necessary to impose time limits to 

ensure that everyone who wishes to 

testify can do so. 

IV. Information on Service for 

Individuals With Disabilities 

For information on services for 

individuals with disabilities or to 

request special assistance contact 

Samuel Castilla at the telephone number 

or email address indicated above under 

the FOR FURTHER INFORMATION CONTACT

section of this notice. 

Sam Le, 

Director, Office of Policy, Planning and 

Liaison. 

[FR Doc. 2024–00781 Filed 1–16–24; 8:45 am] 

BILLING CODE 8026–09–P 

DEPARTMENT OF STATE 

[Public Notice 12301] 

60-Day Notice of Proposed Information 

Collection: Statement of Material 

Change, Merger, Acquisition, or 

Divestiture of a Registered Party 

ACTION: Notice of request for public 

comment. 

SUMMARY: The Department of State is 

seeking Office of Management and 

Budget (OMB) approval for the 

information collection described below. 

In accordance with the Paperwork 

Reduction Act of 1995, we are 

requesting comments on this collection 

from all interested individuals and 

organizations. The purpose of this 

notice is to allow 60 days for public 

comment preceding submission of the 

collection to OMB. 

DATES: The Department will accept 

comments from the public up to March 

18, 2024. 

ADDRESSES: You may submit comments 

by any of the following methods: 

• Web: Persons with access to the 

internet may comment on this notice by 

going to www.Regulations.gov. You can 

search for the document by entering 

‘‘Docket Number: DOS–2024–0001’’ in 

the Search field. Then click the 

‘‘Comment Now’’ button and complete 

the comment form. 

• Email: DDTCPublicComments@

state.gov. 

• Regular Mail: Send written 

comments to: Directorate of Defense 

Trade Controls, Attn: Managing 

Director, 2401 E St. NW, Suite H–1205, 

Washington, DC 20522–0112. 

You must include the DS form 

number (if applicable), information 

collection title, and the OMB control 

number in any correspondence. 

FOR FURTHER INFORMATION CONTACT: 

Direct requests for additional 

information regarding the collection 

listed in this notice, including requests 

for copies of the proposed collection 

instrument and supporting documents, 

to Andrea Battista, who may be reached 

at BattistaAL@state.gov or 202–663– 

3136. 

SUPPLEMENTARY INFORMATION: 

• Title of Information Collection: 

Statement of Material Change, Merger, 

Acquisition, or Divestiture of a 

Registered Party. 

• OMB Control Number: 1405–0227. 

• Type of Request: Extension of a 

currently approved collection. 

• Originating Office: Directorate of 

Defense Trade Controls, Bureau of 

Political Military Affairs, Department of 

State (T/PM/DDTC). 

• Form Number: DS–7789. 

• Respondents: Individuals and 

companies registered with DDTC and 

engaged in the business of 

manufacturing, brokering, exporting, or 

temporarily importing defense hardware 

or defense technology data. 

• Estimated Number of Respondents: 

698. 

• Estimated Number of Responses: 

698. 

• Average Time per Response: 2 

hours. 

• Total Estimated Burden Time: 1,396 

hours. 

• Frequency: On occasion. 

• Obligation to Respond: Mandatory. 

We are soliciting public comments to 

permit the Department to: 

• Evaluate whether the proposed 

information collection is necessary for 

the proper functions of the Department. 

• Evaluate the accuracy of our 

estimate of the time and cost burden for 

this proposed collection, including the 

validity of the methodology and 

assumptions used. 

• Enhance the quality, utility, and 

clarity of the information to be 

collected. 

• Minimize the reporting burden on 

those who are to respond, including the 

use of automated collection techniques 


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