Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 48 / Thursday, March 13, 2025 / Notices
open market and, in general, to protect
investors and the public interest in that
it will facilitate the listing and trading
of Shares that will enhance competition
among market participants, to the
benefit of investors and the marketplace.
For all 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 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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action

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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
shall: (a) by order approve or disapprove
such proposed rule change, or (b)
institute proceedings to determine
whether the proposed rule change
should be disapproved.

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–2025–018. 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–2025–018 and should be
submitted on or before April 3, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Deputy Secretary.

IV. Solicitation of Comments

[FR Doc. 2025–03969 Filed 3–12–25; 8:45 am]

Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change, as modified by Amendment No.
1, 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–
NASDAQ–2025–018 on the subject line.

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SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0555]

Proposed Collection; Comment
Request; Extension: Rule 6h–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
17 17

PO 00000

CFR 200.30–3(a)(12).

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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’’) is soliciting comments
on the existing collection of information
provided for in Rule 6h–1 (17 CFR
240.6h–1) under the Securities
Exchange Act of 1934 (‘‘Act’’) (15 U.S.C.
78a et seq.). The Commission plans to
submit this existing collection of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Section 6(h) of the Act (15 U.S.C.
78f(h)) requires national securities
exchanges and national securities
associations that trade security futures
products to establish listing standards
that, among other things, require that: (i)
trading in such products not be readily
susceptible to price manipulation; and
(ii) the market on which the security
futures product trades has in place
procedures to coordinate trading halts
with the listing market for the security
or securities underlying the security
futures product. Rule 6h–1 implements
these statutory requirements and
requires that (1) the final settlement
price for each cash-settled security
futures product fairly reflects the
opening price of the underlying security
or securities, and (2) the exchanges and
associations trading security futures
products halt trading in any security
futures product for as long as trading in
the underlying security for trading of a
security futures product based on a
single security, or trading in 50% or
more of the underlying securities for
trading of a security futures product
based on a narrow-based security index,
is halted on the listing market.
It is estimated that approximately 1
respondent will incur an average burden
of 10 hours per year to comply with this
rule, for a total burden of 10 hours per
year. At an average internal cost per
hour of approximately $451, the
resultant total internal cost of
compliance for the respondents is
$4,510 per year (1 respondent × 10
hours/respondent × $451/hour).
Compliance with Rule 6h–1 is
mandatory. Any listing standards
established pursuant to Rule 6h–1
would be filed with the Commission as
proposed rule changes pursuant to
Section 19(b) of the Act and would be
published in the Federal Register.
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 collection of information is
necessary for the proper performance of

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Federal Register / Vol. 90, No. 48 / Thursday, March 13, 2025 / Notices

the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden imposed
by the collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication by May 12, 2025.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an email to:
PaperworkReductionAct@sec.gov.
Dated: March 7, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Proposed Rule Change To
List and Trade Shares of the Grayscale
Polkadot Trust Under Nasdaq Rule
5711(d)
March 7, 2025.

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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 February
24, 2025, 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
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 list and
trade shares of the Grayscale Polkadot
Trust (DOT) (the ‘‘Trust’’) under Nasdaq
Rule 5711(d) (‘‘Commodity-Based Trust
U.S.C. 78s(b)(1).
CFR 240.19b–4.

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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.

1. Purpose

[Release No. 34–102539; File No. SR–
NASDAQ–2025–019]

2 17

II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change

[FR Doc. 2025–03966 Filed 3–12–25; 8:45 am]

1 15

Shares’’). The shares of the Trust are
referred to herein as the ‘‘Shares.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rulefilings, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.

The Exchange proposes to list and
trade the Shares 3 under Nasdaq Rule
5711(d), which governs the listing and
trading of Commodity-Based Trust
Shares on the Exchange.4 The sponsors
of the Trust are Grayscale Operating,
LLC and Grayscale Investments
Sponsors, LLC (each, a ‘‘Sponsor’’ and,
collectively, the ‘‘Sponsors’’), each a
Delaware limited liability company.5
The Sponsors are indirect wholly
owned subsidiaries of Digital Currency
Group, Inc. (‘‘Digital Currency Group’’).
The trustee for the Trust is CSC
Delaware Trust Company (‘‘Trustee’’).
The custodian for the Trust is Coinbase
Custody Trust Company, LLC
(‘‘Custodian’’). The administrator and
transfer agent of the Trust is expected to
be BNY Mellon Asset Servicing, a
division of The Bank of New York
Mellon (the ‘‘Transfer Agent’’). The
distribution and marketing agent for the
Trust is expected to be Foreside Fund
Services, LLC (the ‘‘Marketing Agent’’).
The index provider for the Trust is
3 The Shares are expected to be listed under the
ticker symbol ‘‘DOT’’
4 The Commission approved Nasdaq Rule 5711 in
Securities Exchange Act Release No. 66648 (March
23, 2012), 77 FR 19428 (March 30, 2012) (SR–
NASDAQ–2012–013).
5 As of May 3, 2025, Grayscale Operating, LLC
will cease to act as Sponsor of the Trust and
Grayscale Investment Sponsors, LLC will be sole
Sponsor of the Trust.

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CoinDesk Indices, Inc. (the ‘‘Index
Provider’’).
The Trust is a Delaware statutory
trust, formed on January 27, 2021, that
operates pursuant to a trust agreement
between the Sponsor and the Trustee
(‘‘Trust Agreement’’).
Operation of the Trust
According to the prospectus the Trust
intends to file (the ‘‘Prospectus’’), the
Trust’s assets consist solely of DOT
tokens, the native token of the Polkadot
Network (as defined below) (‘‘DOT’’).
Each Share represents a proportional
interest, based on the total number of
Shares outstanding, in the Trust’s assets
as determined by reference to the Index
Price,6 less the Trust’s expenses and
other liabilities (which include accrued
but unpaid fees and expenses). The
Sponsors expect that the market price of
the Shares will fluctuate over time in
response to the market prices of DOT. In
addition, because the Shares reflect the
estimated accrued but unpaid expenses
of the Trust, the number of DOT
represented by a Share will gradually
decrease over time as the Trust’s DOT
are used to pay the Trust’s expenses.
The activities of the Trust are limited
to (i) issuing ‘‘Baskets’’ (as defined
below) in exchange for DOT transferred
to the Trust as consideration in
connection with creations, (ii)
transferring or selling DOT as necessary
to cover the ‘‘Sponsor’s Fee’’ 7 and/or
certain Trust expenses, (iii) transferring
DOT in exchange for Baskets
surrendered for redemption (subject to
obtaining regulatory approval from the
Commission and approval of the
Sponsor), (iv) causing the Sponsor to
sell DOT on the termination of the
Trust, and (v) engaging in all
administrative and security procedures
necessary to accomplish such activities
in accordance with the provisions of the
Trust Agreement, the Custodian
Agreement, the Index License
6 The ‘‘Index Price’’ means the U.S. dollar value
of DOT derived from the Digital Asset Trading
Platforms (as defined below) that are reflected in
the CoinDesk DOT CCIXber Reference Rate (the
‘‘Index’’), calculated at 4:00 p.m., New York time,
on each business day.
7 The Sponsor’s Fee means a fee, payable in DOT,
which will daily in U.S. dollars at an annual rate
of a to-be-determined percentage of the NAV Fee
Basis Amount of the Trust as of 4:00 p.m., New
York time, on each day, provided that for a day that
is not a business day, the calculation of the
Sponsor’s Fee will be based on the NAV Fee Basis
Amount from the most recent business day, reduced
by the accrued and unpaid Sponsor’s Fee for such
most recent business day and for each day after
such most recent business day and prior to the
relevant calculation date. The ‘‘NAV Fee Basis
Amount’’ is calculated in the manner set forth
under ‘‘Valuation of DOT and Determination of
NAV’’ below.

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