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34 93489

The SEC document announces that it is extending the period for approving or disapproving a proposed rule change by NYSE Arca to list and trade shares of the Valkyrie Bitcoin Fund. The SEC has initiated proceedings to determine whether to approve or disapprove the proposal. It finds that an additional 60 days is needed beyond the original 180-day deadline of November 8, 2021 to consider the proposal and public comments. The new deadline for an SEC decision is January 7, 2022.

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2K views

34 93489

The SEC document announces that it is extending the period for approving or disapproving a proposed rule change by NYSE Arca to list and trade shares of the Valkyrie Bitcoin Fund. The SEC has initiated proceedings to determine whether to approve or disapprove the proposal. It finds that an additional 60 days is needed beyond the original 180-day deadline of November 8, 2021 to consider the proposal and public comments. The new deadline for an SEC decision is January 7, 2022.

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SECURITIES AND EXCHANGE COMMISSION

(Release No. 34-93489; File No. SR-NYSEArca-2021-31)

November 1, 2021

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for
Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed
Rule Change to List and Trade Shares of the Valkyrie Bitcoin Fund under NYSE Arca Rule
8.201-E

On April 23, 2021, NYSE Arca, Inc. (“NYSE Arca”) 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 NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).

The proposed rule change was published for comment in the Federal Register on May 12, 2021.3

On June 22, 2021, 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 August 9, 2021, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act6

to determine whether to approve or disapprove the proposed rule change.7

1
15 U.S.C. 78s(b)(1).
2
17 CFR 240.19b-4.
3
See Securities Exchange Act Release No. 91771 (May 6, 2021), 86 FR 26073 (May 12,
2021). Comments on the proposed rule change can be found at:
https://www.sec.gov/comments/sr-nysearca-2021-31/srnysearca202131.htm.
4
15 U.S.C. 78s(b)(2).
5
See Securities Exchange Act Release No. 92233 (June 22, 2021), 86 FR 34107 (June 28,
2021).
6
15 U.S.C. 78s(b)(2)(B).
7
See Securities Exchange Act Release No. 92610 (Aug. 9, 2021), 86 FR 44763 (Aug. 13,
2021).
Section 19(b)(2) of the Act8 provides that, after initiating proceedings, the Commission

shall issue an order approving or disapproving the proposed rule change not later than 180 days

after the date of publication of notice of filing of the proposed rule change. The Commission

may extend the period for issuing an order approving or disapproving the proposed rule change,

however, by not more than 60 days if the Commission determines that a longer period is

appropriate and publishes the reasons for such determination. The proposed rule change was

published for comment in the Federal Register on May 12, 2021.9 The 180th day after

publication of the proposed rule change is November 8, 2021. The Commission is extending the

time period for approving or disapproving the proposed rule change for an additional 60 days.

The Commission finds that it is appropriate to designate a longer period within which to

issue an order approving or disapproving the proposed rule change so that it has sufficient time

to consider the proposed rule change and the issues raised in the comment letters that have been

submitted in connection therewith. Accordingly, the Commission, pursuant to Section 19(b)(2)

8
15 U.S.C. 78s(b)(2).
9
See supra note 3.

2
of the Act,10 designates January 7, 2022, as the date by which the Commission shall either

approve or disapprove the proposed rule change (File Number SR-NYSEArca-2021-31).

For the Commission, by the Division of Trading and Markets, pursuant to delegated

authority.11

J. Matthew DeLesDernier
Assistant Secretary

10
15 U.S.C. 78s(b)(2).
11
17 CFR 200.30-3(a)(57).

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