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Federal Register/Vol. 81, No. 148/Tuesday, August 2 Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices 50763 Paper Comments SECURITIES AND EXCHANGE and/or trade pursuant to unlisted trading privileges (‘‘UTP’’) • COMMISSION Send paper comments in triplicate ‘‘Commodity-Based Trust Shares’’.4 The to Secretary, Securities and Exchange [Release No. 34–78426; File No. SR– NYSEArca–2016–101] Exchange proposes to list and trade Commission, 100 F Street NE., shares (‘‘Shares’’) of the Trust pursuant Washington, DC 20549–1090. Self-Regulatory Organizations; NYSE to NYSE Arca Equities Rule 8.201.5 The sponsor of the Trust is SolidX All submissions should refer to File Arca, Inc.; Notice of Filing of Proposed Management LLC (‘‘Sponsor’’), a Number SR–BOX–2016–36. This file Rule Change Relating to the Listing and Trading of Shares of SolidX Delaware limited liability company. The number should be included on the Sponsor is a wholly-owned subsidiary subject line if email is used. To help the Bitcoin Trust Under NYSE Arca Equities Rule 8.201 of SolidX Partners Inc. The trustee for Commission process and review your the Trust (‘‘Trustee’’) serves pursuant to comments more efficiently, please use July 27, 2016. a trust agreement. The Bank of New only one method. The Commission will Pursuant to Section 19(b)(1) 1 of the York Mellon will be the administrator post all comments on the Commission’s Securities Exchange Act of 1934 (the (‘‘Administrator’’) and the custodian, Internet Web site (http://www.sec.gov/ ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 with respect to cash, of the Trust rules/sro.shtml). Copies of the notice is hereby given that, on July 13, (‘‘Custodian’’). submission, all subsequent 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ The Trust is a grantor trust formed amendments, all written statements or ‘‘NYSE Arca’’) filed with the under the laws of the State of New York. with respect to the proposed rule Securities and Exchange Commission The Trust has no fixed termination date. change that are filed with the (the ‘‘Commission’’) the proposed rule According to the Registration Commission, and all written change as described in Items I and II Statement, each Share will represent a communications relating to the below, which Items have been prepared fractional undivided beneficial interest proposed rule change between the by the self-regulatory organization. The in the Trust’s net assets. The Trust’s assets will consist of bitcoin 6 held on Commission and any person, other than Commission is publishing this notice to solicit comments on the proposed rule the Trust’s behalf by the Sponsor those that may be withheld from the change from interested persons. utilizing a secure process as described public in accordance with the below in ‘‘bitcoin Security and Storage provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s for the Trust’’. The Trust will not available for Web site viewing and Statement of the Terms of Substance of normally hold cash or any other assets, printing in the Commission’s Public the Proposed Rule Change but may hold a very limited amount of Reference Room, 100 F Street NE., The Exchange proposes to list and cash in connection with the creation Washington, DC 20549 on official trade shares of the following under and redemption of ‘‘Baskets’’ 7 and to business days between the hours of NYSE Arca Equities Rule 8.201: SolidX pay Trust expenses, as described below. 10:00 a.m. and 3:00 p.m. Copies of such Bitcoin Trust (‘‘Trust’’). The proposed According to the Registration filing also will be available for rule change is available on the Statement, the Trust will invest in inspection and copying at the principal Exchange’s Web site at www.nyse.com, bitcoin only. The activities of the Trust office of the Exchange. All comments at the principal office of the Exchange, are limited to: (i) Issuing Baskets in received will be posted without change; and at the Commission’s Public exchange for bitcoin or the cash the Commission does not edit personal Reference Room. deposited with the Custodian as consideration; (ii) purchasing bitcoin identifying information from II. Self-Regulatory Organization’s from various exchanges and in over-the- submissions. You should submit only Statement of the Purpose of, and information that you wish to make counter (‘‘OTC’’) transactions; (iii) Statutory Basis for, the Proposed Rule selling bitcoin (or transferring bitcoin, at available publicly. All submissions Change the Sponsor’s discretion) as necessary to should refer to File Number SR–BOX– In its filing with the Commission, the cover the Sponsor’s management fee, 2016–36, and should be submitted on or self-regulatory organization included before August 23, 2016. statements concerning the purpose of, 4 Commodity-Based Trust Shares are securities For the Commission, by the Division of and basis for, the proposed rule change issued by a trust that represent investors’ discrete and discussed any comments it received identifiable and undivided beneficial ownership Trading and Markets, pursuant to delegated interest in the commodities deposited into the authority.10 on the proposed rule change. The text Trust. Robert W. Errett, of those statements may be examined at 5 On July 11, 2016, the Trust filed a registration statement (‘‘Registration Statement’’) on Form S–1 Deputy Secretary. the places specified in Item IV below. The Exchange has prepared summaries, under the Securities Act of 1933 (15 U.S.C. 77a). [FR Doc. 2016–18206 Filed 8–1–16; 8:45 am] The descriptions of the Trust, the Shares and set forth in sections A, B, and C below, bitcoin contained herein are based, in part, on the BILLING CODE 8011–01–P of the most significant parts of such Registration Statement. statements. 6 A ‘‘bitcoin’’ is an asset that can be transferred among parties via the Internet, but without the use A. Self-Regulatory Organization’s of a central administrator or clearing agency Statement of the Purpose of, and the (‘‘bitcoin’’). The asset, bitcoin, is generally written Statutory Basis for, the Proposed Rule with a lower case ‘‘b’’. The asset, bitcoin, is differentiated from the computers and software (or Change the protocol) involved in the transfer of bitcoin among users, which constitute the ‘‘Bitcoin 1. Purpose Network’’. The asset, bitcoin, is the intrinsically Under NYSE Arca Equities Rule linked unit of account that exists within the Bitcoin 8.201, the Exchange may propose to list Network. See ‘‘bitcoin and the Bitcoin Industry’’ below. 7 The Trust will issue and redeem ‘‘Baskets’’, each 1 15 U.S.C. 78s(b)(1). equal to a block of 10,000 Shares, only to 2 15 U.S.C. 78a. ‘‘Authorized Participants’’. See ‘‘Creation and 10 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. Redemption of Shares’’ below. VerDate Sep<11>2014 18:35 Aug 01, 2016 Jkt 238001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\02AUN1.SGM 02AUN1 mstockstill on DSK3G9T082PROD with NOTICES 50764 Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices Trust expenses not assumed by the receive-versus-payment (‘‘RVP’’) When a bitcoin user wishes to transfer Sponsor and other liabilities; (iv) selling arrangements. bitcoin to another user, the sender must bitcoin as necessary in connection with first request a bitcoin address from the Bitcoin and the Bitcoin Industry redemptions; (v) delivering bitcoin or recipient. The sender then uses his or cash in exchange for Baskets General her bitcoin wallet software, to create a surrendered for redemption; and (vi) The following is a brief introduction proposed addition to the blockchain. maintaining insurance coverage for the to the global bitcoin market. The data The proposal would decrement the bitcoin held by the Trust. presented below are derived from sender’s address and increment the According to the Registration information released by various third- recipient’s address by the amount of Statement, the Trust is neither an party sources, including white papers, bitcoin desired to be transferred. The investment company registered under other published materials, research proposal is entirely digital in nature, the Investment Company Act of 1940, as reports and regulatory guidance. similar to a file on a computer, and it amended,8 nor a commodity pool for can be sent to other computers purposes of the Commodity Exchange The Bitcoin Network participating in the Bitcoin Network. Act (‘‘CEA’’),9 and neither the Sponsor A bitcoin is an asset that can be Such digital proposals are referred to as nor the Trustee is subject to regulation transferred among parties via the ‘‘bitcoin transactions’’. Bitcoin as a commodity pool operator or a Internet, but without the use of a central transactions and the process of one user commodity trading adviser in administrator or clearing agency. The sending bitcoin to another should not be connection with the Shares. term ‘‘decentralized’’ is often used in confused with buying and selling bitcoin, which is a separate process (as Investment Objective descriptions of bitcoin, in reference to bitcoin’s lack of necessity for discussed below in ‘‘bitcoin Trading On According to the Registration administration by a central party. The Exchanges’’ and ‘‘bitcoin Trading Over- Statement and as further described Bitcoin Network (i.e., the network of the-Counter’’). below, the Trust will seek to provide computers running the software A bitcoin transaction is similar in investors with exposure to the daily protocol underlying bitcoin involved in concept to an irreversible digital check. change in the U.S. dollar price of maintaining the database of bitcoin The transaction contains the sender’s bitcoin, before expenses and liabilities ownership and facilitating the transfer bitcoin address, the recipient’s bitcoin of the Trust, as measured by the of bitcoin among parties) and the asset, address, the amount of bitcoin to be TradeBlock XBX Index (‘‘XBX’’).
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