Odaily Planet Daily report: The U.S. Securities and Exchange Commission (SEC) has publicly released its responses to comments on "Novel ETFs," which may hold crypto assets or employ unconventional strategies. Disagreements center on whether filing documents should remain public before the funds begin trading and how quickly the review process should proceed.
Cryptocurrency asset management firm Grayscale, along with the crypto policy organization Crypto Council for Innovation (CCI), supports establishing an optional confidential filing period to reduce competitors submitting imitative documents. Charles Schwab opposes full confidentiality and recommends disclosing filing documents at least 75 days in advance.
Grayscale has requested that the SEC respond within 45 days, while CCI argues that the confidential process should not extend automatic effectiveness or review deadlines. Venture capital firm Andreessen Horowitz (a16z) supports shortening the review timeline but emphasizes that scrutiny should not be reduced; trading firm Jane Street contends that accelerating the process could compromise product quality, competitiveness, and liquidity.
The U.S. currently has 174 ETFs related to crypto assets, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) managing approximately $61 billion in assets, accounting for about 38% of the total assets of related ETFs. The SEC will decide whether to adjust confidentiality arrangements and review timelines. (Bitcoin.com News)