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SEC Division of Corporation Finance Issues Statement on Crypto Asset Exchange-Traded Products

On July 1, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement regarding Crypto Asset Exchange-Traded Products (crypto asset ETPs).

Crypto asset ETPs are investment products that are listed and traded on national securities exchanges and are typically structured as trusts that hold assets which consist of spot crypto assets or derivative instruments that reference crypto assets. These trusts are issuers of securities who must register their offerings and classes of securities under the Securities Act of 1933 and the Securities Exchange Act of 1934, respectively.

In the statement, Corp Fin provides its views on the application of certain disclosure requirements for offerings and registrations by crypto asset ETPs. These views include guidance, reminders and numerous observations of typical filings pertaining to the (i) cover page, (ii) prospectus summary, (iii) risk factors, (iv) description of the business, (v) description of securities, (vi) plan of distribution, (vii) directors, officers and significant employees, (viii) financial statements, and (ix) filing fee tables.

This article is part of a Fenwick "Securities Law Update" authored by David A. Bell, Ran Ben-Tzur, Amanda Rose, and Wendy Grasso.

Tags

corporate, regulatory, securities enforcement, public companies, blockchain & cryptocurrency