Bitwise asked the Securities and Exchange Commission in an October 21 supplemental letter to clarify when fund managers can rely on filings about a crypto asset’s legal status. The request concerns the SEC’s proposed Regulation Crypto Assets framework; it is an industry proposal, not an adopted rule.
Bitwise wants the SEC to distinguish the filing of Form TR from the point when another firm can rely on an unchallenged filing. It also seeks protection for reasonable, good-faith decisions if a filing is later challenged, including under relevant investment-company and investment-adviser definitions. Bitwise says managers may have to make decisions using public information without access to an issuer’s records. Its request does not establish that any particular token falls outside securities law, and the SEC’s publication of the letter does not endorse its arguments.
