ChainCatcher 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. Crypto asset manager Grayscale and crypto policy organization Crypto Council for Innovation (CCI) support an optional confidential filing period to reduce competitors’ ability to submit imitative filings. Charles Schwab opposes full confidentiality and recommends making filings public at least 75 days in advance. Grayscale requests 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 standards should not be lowered; trading firm Jane Street contends that accelerating the process could compromise product quality, competitiveness, and liquidity. The U.S. currently has 174 crypto-related ETFs; BlackRock’s iShares Bitcoin Trust ETF (IBIT) manages approximately $61 billion in assets, accounting for about 38% of total assets in crypto-related ETFs. The SEC will decide whether to adjust confidentiality arrangements and review timelines.
SEC to Decide on Confidentiality and Review Speed for Novel ETFs
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Summary
On-chain news from Chaincatcher reports that the SEC has responded to public comments regarding 'Novel ETFs' that may include crypto assets or employ new strategies. The primary debate centers on whether filings should remain confidential until trading begins and how swiftly the SEC should review them. Grayscale and the Crypto Council for Innovation support optional confidential filings to prevent copycats, while Charles Schwab advocates for at least 75 days of public access. SEC updates indicate that Grayscale seeks a 45-day review timeline, while a16z urges faster reviews without compromising standards. Jane Street warns that prioritizing speed could undermine product quality and liquidity. The U.S. now has 174 crypto ETFs, with BlackRock’s IBIT managing $61 billion—38% of total assets.
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