Friday, May 14, 2021
On May 11, 2021, the staff of the Division of Investment Management (“IM”) within the Securities and Exchange Commission (“SEC”) issued a statement (the “Statement”) regarding the staff’s current views on funds registered under the Investment Company Act of 1940, as amended (the “1940 Act”) investing in bitcoin futures.
1 Although the Statement most directly illustrates the staff’s current stance toward mutual funds investing in bitcoin futures, more significantly, given the intense interest in potential bitcoin and other cryptocurrency products, the Statement is being scrutinized for what it might say about the willingness of the staff to approve exchange-traded products offering exposure to bitcoin or other cryptocurrencies.
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