Last month we reported on an SEC decision to take additional time to consider whether to approve a request to list five Bitcoin-related exchange-traded funds (ETFs) on one of the New York Stock exchange markets. That pattern is now being repeated. On December 4, 2017, NYSE Arca, Inc. filed with the SEC a proposed rule change to list and trade the shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF. On March 23, 2018, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change. The Commission has received 11 comments on the proposed rule change. SEC Rules provide that the Commission may extend the period for issuing an order approving or disapproving the proposed rule change by not more than 60 days. The SEC issued a release last Friday saying that it was appropriate to designate the longer period of time (until August 23, 2018). This is consistent with the reluctance shown so far by the SEC to approve listings of ETFs related to cryptocurrencies, including rejecting a request last year by the Winklevoss twins to list a Bitcoin-related ETF.
David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.