In January, the New York Stock Exchange asked the Securities and Exchange Commission to allow it to list five bitcoin-related exchange-traded funds (ETFs) on one of its markets, according to an SEC filing. Last week, the SEC issued an order indicating that it was going to take additional time to consider the application. The SEC is soliciting written comments from the public to address 13 questions, including commenters’ views on whether the proposed funds would have the information needed to adequately value bitcoin financial instruments given “volatility, fragmentation or general lack of regulation of the underlying bitcoin markets.” The SEC wants additional analysis to determine the proposal’s consistency with the Securities Exchange Act of 1934, including provisions that require national securities exchanges to design rules that prevent fraud and manipulation. In issuing this order, the SEC could take months before it decides on the proposal. Although a number of trading venues seek to list investment products connected to Bitcoin, the SEC has not yet approved any such ETFs.
SEC Will Take Additional Time to Consider Approval of Bitcoin-Related ETF
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.