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.
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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 technology-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.