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The U.S. SEC's financial division has released new guidelines for the disclosure of encryption ETPs, aimed at providing clarity on the application of federal securities laws.
[The SEC's Division of Corporation Finance Releases New Disclosure Guidance for Cryptocurrency ETPs Aimed at Providing Clarity on the Application of Federal Securities Laws] The U.S. Securities and Exchange Commission (SEC) announced on July 1, 2025, new guidance regarding the disclosure requirements for cryptocurrency exchange-traded products (ETPs). This move aims to provide greater clarity on the application of federal securities laws to cryptocurrency assets. This guideline outlines in detail the specific content that issuers of encryption asset ETPs need to disclose in their offering and registration documents. Encryption asset ETPs are defined as investment products listed and traded on national exchanges, typically structured as trusts that hold spot encryption assets or derivative instruments referencing encryption assets. According to the guidelines, the issuers of these ETPs must register their offerings and securities categories under the Securities Act of 1933 and the Securities Exchange Act of 1934, respectively. In addition, issuers of encryption asset ETPs are also subject to the anti-fraud provisions of federal securities laws.