Self-Regulatory Organizations; Cboe BZX Exchange, 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 WisdomTree XRP Fund Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103771; File No. SR-CboeBZX-2025-019]

Self-Regulatory Organizations; Cboe BZX Exchange, 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 WisdomTree XRP Fund Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares

August 25, 2025.

On February 6, 2025, Cboe BZX Exchange, Inc. (“BZX”) 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 WisdomTree XRP Fund under BZX Rule 14.11(e)(4). The proposed rule change was published for comment in the

Federal Register

on February 26, 2025.

3

1

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

2

17 CFR 240.19b-4.

3

See

Securities Exchange Act Release No. 102445 (Feb. 19, 2025), 90 FR 10769. Comments received on the proposed rule change are available at:

https://www.sec.gov/comments/sr-cboebzx-2025-019/srcboebzx2025019.htm.

On March 11, 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

On May 27, 2025, the Commission initiated proceedings under Section 19(b)(2)(B) of the Act

6

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

7

4

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

5

See

Securities Exchange Act Release No. 102592, 90 FR 12410 (Mar. 17, 2025). The Commission designated May 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

Securities Exchange Act Release No. 103124, 90 FR 23396 (June 2, 2025).

Section 19(b)(2) of the Act

8

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 February 26, 2025.

9

The 180th day after publication of the proposed rule change is August 25, 2025. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days.

8

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

9

See supra

note 3 and accompanying text.

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 therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,

10

designates October 24, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-CboeBZX-2025-019).

10

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

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

11

11

17 CFR 200.30-3(a)(57).

Vanessa A. Countryman,

Secretary.

[FR Doc. 2025-16444 Filed 8-27-25; 8:45 am]

BILLING CODE 8011-01-P