SEC Releases Statement on Crypto Asset Exchange-Traded Products
July 7, 2025
The staff in the SEC’s Division of Corporation Finance has released a statement to clarify its views on applying the
“federal securities laws to offerings and registrations of securities by issuers of
crypto asset exchange-traded products.” Specifically, the statement addresses the
staff’s “observations regarding disclosure practices in [its] reviews of crypto
asset ETP filings [as well as its] views about certain specific questions that
market participants have presented to the staff.” The statement focuses on
disclosures that issuers are required to provide “on the outside front cover page of
the prospectus related to the offering.” Topics addressed in the statement include
disclosure requirements related to the prospectus summary; risk factors; description
of a business; the trust’s service providers, custody of the trust’s assets, and
fees and expenses; the description of the issuer’s securities; the plan of
distribution for the securities; and information about the issuer’s directors,
executive officers, and significant employees.