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ARTICLE · 24 JANUARY 2018

SEC Staff Raises Concerns Related To Cryptocurrency ETFs And Mutual Funds

Morrison Foerster
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On January 18, 2018, the Securities and Exchange Commission's (SEC) Division of Investment Management broke its relative silence regarding the recent growth of cryptocurrencies and cryptocurrency-related products.

United StatesTechnology
Kelley Howes
Kelley Howes
Shiukay Hung
Shiukay Hung
Joshua Ashley Klayman
Joshua Ashley Klayman
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On January 18, 2018, the Securities and Exchange Commission's (SEC) Division of Investment Management broke its relative silence regarding the recent growth of cryptocurrencies and cryptocurrency-related products. While signaling that registration of funds intending to invest substantially in cryptocurrency and related products is not on the immediate horizon, the guidance arguably provided the beginnings of a much-needed roadmap for the future development of registered open-ended funds ("mutual funds") and exchange-traded funds (ETFs) linked to cryptocurrencies and related products.

In a letter (the "Staff Letter" and the SEC staff, the "Staff")1 addressed to the Investment Company Institute (ICI) and the Securities Industry and Financial Markets Association's Asset Management Group (SIFMA), the Director of the SEC's Division of Investment Management, Dalia Blass, said that it would not be appropriate to initiate registration of mutual funds and ETFs intending to

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