shareholder

Two exchange-traded products can look nearly identical on a brokerage screen while sitting inside very different legal wrappers. That distinction matters in crypto. Many spot Bitcoin and Ether products are exchange-traded commodity or grantor-trust structures rather than registered investment companies under the Investment Company Act of 1940. The difference does not mean one product is regulated and the other is not. Trust shares can still be registered under the Securities Act of 1933, traded under Exchange Act rules, subject to antifraud provisions, governed by exchange listing standards, and supported by detailed trust and custody agreements. The narrower point is that…