Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 165 / Thursday, August 28, 2025 / Notices
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. 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.
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.

lotter on DSK11XQN23PROD with NOTICES1

III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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.

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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–2025–115 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–2025–115. 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 filing 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–2025–115
and should be submitted on or before
September 18, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–16441 Filed 8–27–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0131]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 17a–7
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
29 17

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CFR 200.30–3(a)(12).

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42049

(‘‘Commission’’) is submitting to the
Office of Management and Budget
(‘‘OMB’’) this request for extension of
the proposed collection of information
provided for in Rule 17a–7 under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17a–7 requires a non-resident
broker-dealer (generally, a broker-dealer
with its principal place of business in a
place not subject to the jurisdiction of
the United States) registered or applying
for registration pursuant to Section 15 of
the Exchange Act to maintain—in the
United States—complete and current
copies of books and records required to
be maintained under any rule adopted
under the Exchange Act and furnish to
the Commission a written notice
specifying the address where the copies
are located. Alternatively, Rule 17a–7
provides that non-resident brokerdealers may file with the Commission a
written undertaking to furnish the
requisite books and records to the
Commission upon demand within 14
days of the demand.
The Commission estimates that there
are approximately 53 non-resident
broker-dealers. Based on the
Commission’s experience, the
Commission estimates that the average
amount of time necessary to comply
with Rule 17a–7 is one hour per year
per respondent. Accordingly, the
Commission estimates that the total
industry-wide reporting burden is
approximately 53 hours per year.
Assuming an average cost per hour of
approximately $344 for a compliance
manager, the total internal cost of
compliance for the respondents is
approximately $18,232 per year.1
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
Commission, including whether the
information will have practical utility;
(b) the accuracy of the Commission’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
1 $344 per hour for a compliance manager is from
SIFMA’s Management & Professional Earnings in
the Securities Industry 2013, modified by
Commission staff for an 1800-hour work-year,
multiplied by 5.35 to account for bonuses, firm size,
employee benefits, and overhead, and adjusted for
inflation.

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42050

Federal Register / Vol. 90, No. 165 / Thursday, August 28, 2025 / Notices

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=202505-3235-008
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
September 29, 2025.
Dated: August 26, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–16550 Filed 8–27–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103772; File No. SR–
CboeBZX–2025–069]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To List and Trade Shares
of the Canary Staked TRX ETF Under
BZX Rule 14.11(e)(4), CommodityBased Trust Shares
August 25, 2025.

lotter on DSK11XQN23PROD with NOTICES1

I. Introduction
On May 12, 2025, Cboe BZX
Exchange, Inc. (‘‘BZX’’ 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
(‘‘Shares’’) of the Canary Staked TRX
ETF (‘‘Trust’’) under BZX Rule
14.11(e)(4), Commodity-Based Trust
Shares. The proposed rule change was
published for comment in the Federal
Register on May 29, 2025.3
On July 9, 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 institutes
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 103108
(May 22, 2025), 90 FR 22778 (‘‘Notice’’). The
Commission has received no comments on the
proposed rule change.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No.
103405, 90 FR 31360 (July 14, 2025). The
2 17

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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
BZX Rule 14.11(e)(4), which governs the
listing and trading of Commodity-Based
Trust Shares on the Exchange.
The investment objective of the Trust
is to seek to track the performance of
TRX,8 as measured by the CoinDesk
TRX USD CCIX 60 min NY Rate
(‘‘Pricing Benchmark’’), adjusted for the
Trust’s expenses and other liabilities.9
In seeking to achieve its investment
objective, the Trust will hold TRX and
will value its Shares daily as of 4:00
p.m. ET using the same methodology
used to calculate the Pricing
Benchmark.10 The Trust’s assets will
only consist of TRX, cash, and cash
equivalents.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 The Sponsor may stake, or
cause to be staked, all or a portion of the
Trust’s TRX through one or more trusted
staking providers and, in consideration
for any staking activity in which the
Trust may engage, the Trust would
receive all or a portion of the staking
rewards generated through staking
activities.13
III. Proceedings To Determine Whether
To Approve or Disapprove SR–
CboeBZX–2025–069 and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 14 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
Commission designated Aug. 27, 2025, as the date
by which the Commission shall approve,
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 TRX is the native
cryptographic token of the Tron Network, a
permissionless and decentralized blockchain
platform launched in 2017. See id. at 22779.
9 See id. at 22781. Canary Capital Group LLC is
the sponsor of the Trust, CSC Delaware Trust
Company is the trustee, and a third-party custodian
will be responsible for custody of the Trust’s TRX.
See id. at 22778, 22780.
10 See id. at 22781.
11 See id. at 22780.
12 See id. at 22781.
13 See id.
14 15 U.S.C. 78s(b)(2)(B).

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rule change. Institution of proceedings
does not indicate that the Commission
has reached any conclusions with
respect to any of the issues involved.
Rather, the Commission seeks and
encourages interested persons to
provide comments on the proposed rule
change.
Pursuant to Section 19(b)(2)(B) of the
Act,15 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposed rule
change’s consistency with Section
6(b)(5) of the Act, which requires,
among other things, that the rules of a
national securities exchange be
‘‘designed to prevent fraudulent and
manipulative acts and practices’’ and
‘‘to protect investors and the public
interest.’’ 16
The Commission asks that
commenters address the sufficiency of
the Exchange’s statements in support of
the proposal, which are set forth in the
Notice, in addition to any other
comments they may wish to submit
about the proposed rule change. In
particular, the Commission seeks
comment on whether the proposal to list
and trade Shares of the Trust, which
would hold TRX, is designed to prevent
fraudulent and manipulative acts and
practices or raises any new or novel
concerns not previously contemplated
by the Commission.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Section
6(b)(5) or any other provision of the Act,
and the rules and regulations
thereunder. Although there do not
appear to be any issues relevant to
approval or disapproval that would be
facilitated by an oral presentation of
views, data, and arguments, the
Commission will consider, pursuant to
Rule 19b–4, any request for an
opportunity to make an oral
presentation.17
15 Id.
16 15

U.S.C. 78f(b)(5).
19(b)(2) of the Act, as amended by the
Securities Acts Amendments of 1975, Pub. L. 94–
29 (June 4, 1975), grants the Commission flexibility
to determine what type of proceeding—either oral
or notice and opportunity for written comments—
is appropriate for consideration of a particular
17 Section

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