SEC will decide whether crypto ETF declarations will be confidential and review speed: Grayscale, A16z, etc. disagree with Jane Street and Charles Schwab

On September 4, the U.S. Securities and Exchange Commission (SEC) released its response to the solicitation of opinions on "NovelETFs", and relevant funds can hold crypto assets or adopt unconventional strategies. Differences of opinion centered on whether declaration documents would remain public before the fund began trading and how fast the review process should be. Crypto asset manager Grayscale and crypto policy group CryptoCouncil for Innovation (CCI) support setting optional confidential filing periods to reduce the number of competitors submitting copycat documents. Charles Schwab opposes full confidentiality and recommends making declaration documents public at least 75 days in advance. Grayscale asked the SEC to respond within 45 days, and CCI argued that the confidentiality process should not extend the automatic effectiveness or review period. Venture capital firm Andreessen Horowitz (A16z) supports shortening the review time but emphasizes that the review intensity should not be reduced; trading firm Jane Street believes that accelerating the process may lead to reduced product quality, competitiveness and liquidity. There are currently 174 ETFs related to crypto-assets in the United States. BlackRock's iSharesBitcoinTrust ETF (IBIT) manages approximately US$61 billion in assets, accounting for approximately 38% of the total assets of relevant ETFs. The SEC will decide whether to adjust filing confidentiality arrangements and review speed.