July 19, 2023
On July 18, 2023, Cravath published a memo for its clients entitled “A Spot Bitcoin ETP? Understanding the SEC’s Process for Reviewing an Exchange’s ETP Proposal.” Cravath’s memo explains how the Securities and Exchange Commission (“SEC”) process for reviewing an exchange’s proposal to list and trade a new product—such as a spot bitcoin ETP—works. The memo describes the submission and review mechanics, timing considerations, the role of the SEC staff and Commissioners and how the public can engage.
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