Law360 (June 3, 2020, 5:47 PM EDT) — In recent years, significant enthusiasm has surrounded the possibility that the U.S. Securities and Exchange Commission might allow an exchange-traded fund that tracks the price of Bitcoin, the world’s largest cryptocurrency by market cap. Trading in Bitcoin has purportedly reached billions per day,[1] with significant historic returns, and institutional investors have desired exposure to cryptocurrency without the security complications that arise from holding it directly.
Currently, individuals and institutions seeking to purchase or sell bitcoin directly must transact on unfamiliar and often unregulated exchanges and navigate novel custody and storage platforms like digital wallets and private keys, the digital asset equivalent…
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