95338 Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices 

85For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 86 17 CFR 200.30–3(a)(12), (59). 

1According to Commission records, one issuer 

filed two notifications on Form 1–E, together with 

offering circulars, during 2013 and 2014. According 

to Commission records, during 2015, 2016, and 

2017, one issuer filed seven notifications on Form 

1–E, together with offering circulars; no Form 1–E 

has been filed with the Commission since 2017. 

the Bitcoin Funds. The proposal also 

establishes position and exercise limits 

for options on the Bitcoin Funds and 

provides information regarding the 

surveillance procedures that will apply 

to Bitcoin Fund options. The 

Commission believes that waiver of the 

operative delay could benefit investors 

by providing an additional venue for 

trading Bitcoin Fund options. Therefore, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.85

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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– 

SAPPHIRE–2024–37 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–SAPPHIRE–2024–37. 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–SAPPHIRE–2024–37 and should be 

submitted on or before December 23, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.86

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–28115 Filed 11–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–221, OMB Control No. 

3235–0232] 

Submission for OMB Review; 

Comment Request; Extension: Form 

1–E, Regulation E 

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 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 1–E (17 CFR 239.200) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) (‘‘Securities Act’’) is the form that 

a small business investment company 

(‘‘SBIC’’) or business development 

company (‘‘BDC’’) uses to notify the 

Commission that it is claiming an 

exemption under Regulation E from 

registering its securities under the 

Securities Act. Rule 605 of Regulation E 

(17 CFR 230.605) under the Securities 

Act requires an SBIC or BDC claiming 

such an exemption to file an offering 

circular with the Commission that must 

also be provided to persons to whom an 

offer is made. Form 1–E requires an 

issuer to provide the names and 

addresses of the issuer, its affiliates, 

directors, officers, and counsel; a 

description of events which would 

make the exemption unavailable; the 

jurisdictions in which the issuer intends 

to offer the securities; information about 

unregistered securities issued or sold by 

the issuer within one year before filing 

the notification on Form 1–E; 

information as to whether the issuer is 

presently offering or contemplating 

offering any other securities; and 

exhibits, including copies of the rule 

605 offering circular and any 

underwriting contracts. 

The Commission uses the information 

provided in the notification on Form 1– 

E and the offering circular to determine 

whether an offering qualifies for the 

exemption under Regulation E. The 

Commission estimates that, each year, 

one issuer files two notifications on 

Form 1–E, together with offering 

circulars, with the Commission.1 Based 

on the Commission’s experience with 

disclosure documents, we estimate that 

the burden from compliance with Form 

1–E and the offering circular requires 

approximately 100 hours per filing. The 

annual burden hours for compliance 

with Form 1–E and the offering circular 

would be 200 hours (2 responses × 100 

hours per response). Estimates of the 

burden hours are made solely for the 

purposes of the PRA, and are not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of SEC rules and forms. 

Compliance with the information 

collection requirements of the rules is 

necessary to obtain the benefit of relying 

on the rules. The information provided 

on Form 1–E and in the offering circular 

will not be kept confidential. An agency 

may not conduct or sponsor, and a 

person is not required to respond to, a 

collection of information unless it 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices 95339 

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

2 17 CFR 240.19b–4. 

3See proposed Rule 5020(h). On January 11, 

2024, GBTC and BITB began trading on NYSE Arca, 

Inc. (‘‘NYSE Arca’’), after the Commission approved 

rule changes to list and trade shares of ‘‘BitcoinBased Commodity-Based Trust Shares’’ pursuant to 

Rule 8.201–E(c)(1) (Commodity-Based Trust 

Shares), including GBTC and BITB. See Securities 

Exchange Act Release No. 99306 (January 10, 2024) 

(Order Granting Accelerated Approval of Proposed 

Rule Changes, as Modified by Amendments 

Thereto, to List and Trade Bitcoin-Based 

Commodity-Based Trust Shares and Trust Units), 89 

FR 3008 (January 17, 2024) (SR–NYSEARCA–2023– 

44; SR–NYSEARCA–2021–90). On July 13, 2024, 

after receiving approval of the Commission, BTC 

began trading on NYSE Arca. See Securities 

Exchange Act Release No. 100610 (July 26, 2024) 

(Order Granting Approval of Proposed Rule 

Changes, as Modified by Amendment No. 1, to List 

and Trade Share of BTC pursuant to NYSE Arca 

Rule 8.201–E (Commodity-Based Trust Shares)), 89 

FR 62821 (August 1, 2024) (SR–NYSEARCA–2023– 

45). 

4See Securities Exchange Act Release No. 101386 

(October 18, 2024), 89 FR 84960 (October 24, 2024) 

(Notice of Filing of Amendment No. 3 and Order 

Granting Accelerated Approval of a Proposed Rule 

Change, as Modified by Amendment No. 3, to 

Permit the Listing and Trading of Options on 

Bitcoin Exchange-Traded Funds) (SR–NYSEAMER– 

2024–49, as amended) (‘‘NYSE American Approval 

Order’’). 

5See Rule 5020(h), which permits options trading 

on ETFs that are traded on a national securities 

exchange and are defined as an ‘‘NMS stock’’ in 

Rule 600 of Regulation NMS and that (i) represent 

interests in registered investment companies (or 

series thereof) organized as open-end management 

investment companies, unit investment trusts or 

similar entities that hold portfolios of securities 

and/or financial instruments, including, but not 

limited to, stock index futures contracts, options on 

futures, options on securities and indices, equity 

caps, collars and floors, swap agreements, forward 

contracts, repurchase agreements and reverse 

repurchase agreements (the ‘‘Financial 

Instruments’’) and money market instruments, 

including, but not limited to, U.S. government 

securities and repurchase agreements (the ‘‘Money 

Market Instruments’’) comprising or otherwise 

based on or representing investments in broadbased indexes or portfolios of securities and/or 

Financial Instruments and Money Market 

Instruments (or that hold securities in one or more 

other registered investment companies that 

themselves hold such portfolios of securities and/ 

or Financial Instruments and Money Market 

Instruments); or (ii) represent interests in a trust 

that holds a specified non-U.S. currency deposited 

with the trust or similar entity when aggregated in 

some specified minimum number may be 

surrendered to the trust by the beneficial owner to 

receive the specified non-U.S. currency or 

currencies and pays the beneficial owner interest 

and other distributions on the deposited non-U.S. 

currency or currencies, if any, declared and paid by 

the trust (‘‘Currency Trust Shares’’); or (iii) 

represent commodity pool interests principally 

engaged, directly or indirectly, in holding and/or 

managing portfolios or baskets of securities, 

commodity futures contracts, options on 

commodity futures contracts, swaps, forward 

contracts and/or options on physical commodities 

and/or non-U.S. currency (‘‘Commodity Pool 

ETFs’’) or (iv) represent interests in the SPDR® Gold 

Trust, the iShares COMEX Gold Trust, the iShares 

Silver Trust, the abrdn Gold ETF Trust, the abrdn 

Silver ETF Trust, the abrdn Palladium ETF Trust, 

the abrdn Platinum ETF Trust, the Sprott Physical 

Gold Trust or the iShares Bitcoin Trust; provided 

that all of the conditions in Rules 5020(h)(1) and 

(2) are met. 

displays a currently valid OMB control 

number. 

The 30-day public comment period 

for this information collection request 

opens on December 3, 2024 and closes 

on January 2, 2025. The public may 

view the full information request and 

submit comments at https://

www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=202408-3235-029 

or email comments to 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov. 

Dated: November 26, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28221 Filed 11–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101739; File No. SR–BOX– 

2024–28] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rules 3120 

(Position Limits) and 5020 (Criteria for 

Underlying Securities) To Permit 

Options Trading on Bitcoin Funds 

November 25, 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 November 

21, 2024, BOX Exchange LLC 

(‘‘Exchange’’ or ‘‘BOX Options’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and 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 

Rules 3120 (Position Limits), 5020 

(Criteria for Underlying Securities) to 

permit options trading on Bitcoin 

Funds. Additionally, the Exchange 

proposes to amend Rule 5055 (FLEX 

Equity Options). The text of the 

proposed rule change is available from 

the principal office of the Exchange, at 

the Commission’s Public Reference 

Room and also on the Exchange’s 

internet website at https://rules.box

exchange.com/rulefilings. 

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 Exchange proposes to amend 

Rules 3120 (Position Limits) and 5020 

(Criteria for Underlying Securities) to 

permit options trading on Grayscale 

Bitcoin Trust (BTC) (the ‘‘Grayscale 

Fund’’ or ‘‘GBTC’’), the Grayscale 

Bitcoin Mini Trust BTC (the ‘‘Grayscale 

Mini Fund’’ or ‘‘BTC’’), and the Bitwise 

Bitcoin ETF (the ‘‘Bitwise Fund’’ or 

‘‘BITB’’ and, collectively, the ‘‘Bitcoin 

Funds’’ or ‘‘Funds) on BOX. 

Additionally, the Exchange proposes to 

amend Rule 5055 (FLEX Equity 

Options). Specifically, the Exchange 

proposes to amend Rule 5020(h) to 

allow the Exchange to list and trade 

options on the following exchangetraded products: the Grayscale Fund, 

the Grayscale Mini Fund, and the 

Bitwise Fund.3 This is a competitive 

filing that is based on a proposal 

recently submitted by NYSE American 

LLC (‘‘NYSE American’’) and approved 

by the Commission.4

As discussed herein and as provided 

in the NYSE American Approval Order, 

the Exchange believes options on the 

Bitcoin Funds would permit hedging, 

and allow for more liquidity, better 

price efficiency, and less volatility with 

respect to the underlying Funds. 

Further, permitting the listing of such 

options would enhance the 

transparency and efficiency of markets 

in these and correlated products. Rule 

5020(h) provides that, subject to certain 

other criteria set forth in the Rule, 

securities deemed appropriate for 

options trading include ExchangeTraded Fund Shares (or ETFs), that 

represent certain types of interests 5 and 

exchange-traded products (‘‘ETPs’’) 

structured as trusts that hold precious 

metals (which are deemed 


ddrumheller on DSK120RN23PROD with NOTICES1