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17 October 2025

Regulating Crypto-linked Exchange-traded Products (Podcast)

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
The speakers analyze the regulatory landscape in the U.S., UK, as well as in France and the wider EU market...
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Philippe Noeltner, a Luxembourg-based counsel in A&O Shearman's global financial markets team, is joined by partners Susan Gault-Brown (Washington DC) and Nikki Johnstone (London), and senior associate Quentin Herry (Paris) to examine the legal and regulatory developments shaping the market for crypto-linked exchange-traded products (ETPs). 

The speakers analyze the regulatory landscape in the U.S., UK, as well as in France and the wider EU market, focusing on recent moves to enable retail access to crypto ETPs. They discuss the role of custodians in their respective markets, and the challenges presented by structuring ETPs and ensuring adequate investor protection.

They also explore the practical implications of crypto ETPs for issuers, asset managers and investors, particularly the need to find the right balance between supporting innovation, proportionate regulation, and managing market appetite.

This episode was recorded in August 2025.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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