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Stradley Ronon Partners Present on Spot Bitcoin ETPs for PLI Program

March 04, 2024
Firm News

PHILADELPHIA — Stradley Ronon partners Steve Feinour, Susan Gault-Brown and Miranda Sturgis, members of the firm’s investment management practice, joined the Practising Law Institute (PLI) on March 1 to discuss the U.S. Securities and Exchange Commission’s January approval of the listing and trading of several spot bitcoin exchange-traded products (ETPs).

The virtual presentation, “Understanding the SEC’s Approval of Spot Bitcoin ETPs and What Comes Next,” discussed the differences between ETPs registered only under the Securities Act of 1933 and exchange-traded funds (ETFs) registered under the Investment Company Act of 1940, the process for listing and trading 1933 Act-only ETPs, the SEC’s prior spot bitcoin ETP listing disapprovals, successful litigation against the SEC challenging such disapprovals, the post-litigation spot bitcoin ETP registration and exchange listing process, and the future of crypto ETPs.

Steve counsels investment companies and investment advisers on a wide range of issues arising under the 1940 Act and other federal securities laws. He regularly advises clients on matters such as the formation, registration and ongoing regulation of all types of investment companies across all asset classes, including 1940 Act ETFs, 1933 Act-only ETPs and mutual funds.  In particular, he has advised clients on digital asset-related 1940 Act ETFs and 1933 Act-only ETPs, including one of the industry’s first spot bitcoin ETPs. He is also a frequent speaker on ETF-related topics.

As chair of the firm’s fintech subpractice, Susan is well versed in emerging financial services products such as digital assets and blockchain, crowdfunding platforms, primary and secondary investment platforms, and robo-advisers. She counsels clients on SEC and Commodity Futures Trading Commission compliance issues concerning securities, derivatives and commodities.

Miranda focuses her practice on counseling investment companies and investment advisers in connection with various regulatory, compliance and transactional issues. She assists in the representation of clients in various investment management and securities law matters and in transactional matters such as fund mergers and acquisitions.

Watch a replay of the presentation here.

About Stradley Ronon
Counseling clients since 1926, Stradley Ronon has helped private and public companies — from small businesses to Fortune 500 corporations — achieve their goals by providing pragmatic, value-driven legal counsel. With offices in eight strategic locations, our responsive team of more than 200 lawyers seamlessly addresses the full spectrum of our clients’ needs, ranging from sophisticated corporate transactions to complex commercial litigation.

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