RECENT
PUBLICATION

In Part 1, I touch upon the registration of ETPs, in particular the implications of registering as a product under the Investment Company Act / Securities Act.

In Part 2, I explore the classification of ETH (as a security or commodity) plus the key issues in the cases of Ripple, Terraform, and Coinbase to discuss: (i) the significant holdings on the Howey test; (ii) the purported distinction between institutional and secondary market sales; (iii) the due process (or fair notice) defences; and (iv) the SEC’s regulatory ambit: major question doctrine and the Chevron deference.