The U.S. SEC's corporate finance department releases new guidance on crypto ETP disclosure, aiming to provide clarity on the application of federal securities laws."
The U.S. Securities and Exchange Commission's (SEC) Division of Corporation Finance issued new guidance on disclosure requirements for crypto-asset exchange-traded products (ETPs) on July 1, 2025. The move is intended to provide greater clarity on the application of federal securities laws to crypto assets. The guidance outlines in detail what crypto asset ETP issuers are required to disclose in offering and registration documents. Crypto asset ETPs are defined as investment products listed and traded on national stock exchanges, typically structured as trusts holding physical crypto assets or derivative instruments referenced to crypto assets. Under the guidelines, issuers of these ETPs must register their offering and securities classes under the Securities Act of 1933 and the Securities Exchange Act of 1934 respectively. In addition, issuers of crypto-asset ETPs are also subject to the anti-fraud provisions of the federal securities law.
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