Serendipity and Self-Regulation: The Case of Cryptocurrency-Based ETPs

40 Pages Posted: 24 Sep 2024

Date Written: September 23, 2024

Abstract

This Essay uses the recent approval of bitcoin and ether-based exchange-traded products (ETPs) by the U.S. Securities & Exchange Commission (SEC) as a case study for how rulemaking by self-regulatory organizations has the potential to reveal elegant compromises to intractable legislative and regulatory dilemmas. Specifically, the bitcoin and ether-based ETPs evolved organically from decades of negotiations between regulators and self-regulatory exchanges regarding the listing of exchange-traded products generally, and the pathway to admission to trading on regulated markets. As a result, the SEC’s approval orders reflect the accumulated compromises and lessons from those precedents. In that respect, I argue the resulting framework might well reveal a superior framework for integrating cryptoasset products into financial regulation. 

Keywords: exchange-traded products, cryptocurrency, cryptoasset, ETP, ETF, exchange-traded fund, self-regulation

Suggested Citation

Dombalagian, Onnig, Serendipity and Self-Regulation: The Case of Cryptocurrency-Based ETPs (September 23, 2024). Tulane Public Law Research Paper No. 24-9, Available at SSRN: https://ssrn.com/abstract=4965243 or http://dx.doi.org/10.2139/ssrn.4965243

Onnig Dombalagian (Contact Author)

Tulane University - Law School ( email )

6329 Freret Street
New Orleans, LA 70118
United States

HOME PAGE: http://https://law.tulane.edu/onnig-h-dombalagian

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