SEC · Andreessen Horowitz · Wall Street · The Block
Crypto companies urge SEC to speed ETF reviews and allow confidential draft filings
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Grayscale is among the crypto firms asking the U.S. Securities and Exchange Commission to allow confidential draft registrations for proposed exchange-traded products before they are filed publicly, as the regulator weighs changes to its treatment of "novel" ETFs.
Key facts
- Jito Labs, the Jito Foundation, and the Solana Policy Institute also asked the SEC to establish rules for spot crypto products to use staking receipt tokens in a joint response with Multicoin
- Comments on the SEC's request were due Aug. 31, though the regulator has continued to post submissions dated after the deadline
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- It also wants SEC staff to commit to responding within 45 days. 21Shares made a similar request, pointing to the speed at which competitors can copy public filings
Summary
Grayscale is among the crypto firms asking the U.S. The crypto asset manager said an optional confidential process could reduce the incentive for competing sponsors to submit imitative or duplicative filings. A16z wants the SEC to shorten its review process too. In contrast, Jane Street said pressure to get an ETF to market quickly can result in rushed registrations and leave less time for sponsors to get feedback from market makers on fund structure and liquidity. Meanwhile, Charles Schwab opposed making the filing process fully confidential.