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As the U.S. Securities and Exchange Commission considers how it handles novel exchange-traded funds, crypto firms are pressing for quicker reviews and more private early-stage filing options. The debate also exposes a split across the ETF industry, with some market participants warning that faster approvals and broader confidentiality could reduce scrutiny and weaken launch preparation.
Highlights
- Grayscale and 21Shares urge the SEC to allow confidential draft ETF registrations and require agency staff responses within 45 days to deter copycat filings.
- A16z and other crypto firms advocate for shorter, electronic SEC ETF review timelines without lighter regulatory scrutiny, while Multicoin Capital seeks to permit staking receipt tokens in spot crypto ETPs.
- Jane Street and Charles Schwab warn that accelerated processes may undermine market readiness, and NYSE requests the SEC set predictable listing timelines for novel ETFs.
Industry proposals for SEC review changes
As first Grayscale is asking the SEC to let issuers submit confidential draft registrations for proposed exchange-traded products before public filing. The crypto asset manager says an optional confidential process could reduce incentives for rival sponsors to file imitative or duplicative applications, and it also wants SEC staff to respond within 45 days
21Shares makes a similar case, arguing that public filings can be copied quickly by competitors. The SEC has asked whether artificial intelligence may be helping drive a wave of rapidly submitted novel ETF applications that are largely identical.
A16z also pushes for a shorter review process, arguing that filings are now submitted electronically, disclosures are largely templated, and many of the same issues recur across products. At the same time, the firm says a faster process should not mean a lighter review.
Other crypto firms are using the SEC process to press for broader policy changes. Multicoin Capital wants qualifying staking receipt tokens to be allowed in spot crypto ETPs, including potentially accounting for substantially all digital asset holdings, while Jito Labs, the Jito Foundation and the Solana Policy Institute back rules that would allow spot crypto products to use such tokens.
Concerns over market scrutiny and launch readiness
Jane Street says pressure to bring an ETF to market quickly can lead to rushed registrations and leave less time for sponsors to get feedback from market makers on fund structure and liquidity. It also proposes requiring ETFs to launch with at least two authorized participants, the firms that handle the creation and redemption of ETF shares.
Charles Schwab opposes making the filing process fully confidential. It says that if the SEC holds confidential discussions with a sponsor, the filing should still become public at least 75 days before the fund takes effect.
From the exchange side, NYSE is asking for more predictable timelines when novel products reach listing venues. It says SEC staff can currently ask an exchange to delay a listing while an issue is under consideration without giving a firm timetable, even when another exchange may still be able to move ahead.
Comments on the SEC request were due Aug. 31, although the regulator continues to post submissions dated after the deadline. The SEC has not set a timeline for further action.
Our earlier coverage of the SEC’s proposed rollback of the long-standing “pay-to-play” rule explained how rescinding the restriction could weaken anti-corruption safeguards tied to political donations and government investment contracts. The report also noted Senator Elizabeth Warren’s criticism that the change could increase the risk of favoritism in public finance, while leaving uncertainty because the SEC had not outlined a clear timeline for next steps.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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