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ARTICLE · 16 APRIL 2025

The SEC Takes Another Key Step Toward Crypto Clarity

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On the heels of other guidance issued by the US Securities Exchange Commission's (SEC) Division of Corporation Finance (Division), the Division released a statement (Statement)...

United StatesTechnology
Keri E. Riemer
Keri E. Riemer
Caroline Roethlisberger
Caroline Roethlisberger

On the heels of other guidance issued by the US Securities Exchange Commission's (SEC) Division of Corporation Finance (Division), the Division released a statement (Statement) on 10 April 2025 addressing its views about, among other things, certain disclosure requirements for certain registration forms under the Securities Act of 1933, including Form S-1, and registration forms under the Securities Exchange Act of 1934, including Form 10. As Form S-1 is used by commodity based exchange-traded products (ETPs), including spot bitcoin and ether ETPs, the Division's guidance will impact such ETPs and others that follow a similar registration path.

The Division cautioned that the Statement, which also includes a summary of certain observations about issuer practices, does not address all material disclosure items, that the topics covered may not be relevant for all issuers, and that each issuer should consider its own facts and circumstances when preparing

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