SEC Reviews Crypto ETF Applications

The U.S. Securities and Exchange Commission (SEC) is evaluating requests from companies in the crypto sector to expedite their ETF applications. Grayscale has requested that ETF sponsors submit their applications as confidential drafts and suggested that SEC staff respond to the applications within 45 days. 21Shares also supported the confidential application process. a16z argued that the review periods should be shortened, noting that ETF applications are submitted electronically. Jane Street warned that expedited applications could lead to hasty outcomes and recommended that at least two authorized participants be involved in new ETFs. Charles Schwab opposed keeping the applications completely confidential, arguing that confidential discussions should be made public at least 75 days in advance. Multicoin Capital called for the use of staking receipt tokens in spot crypto ETFs and ETPs. Jito Labs and other organizations requested the SEC to establish clear rules for these products. The NYSE demanded more predictable timelines for the listing of new ETFs on exchanges. Despite the comment period ending on August 31, the SEC continues to publish subsequent comments and has not provided a definitive timeline for potential changes.

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