Catenaa, September 06, 2026- Crypto firms are urging the US Securities and Exchange Commission to shorten reviews of novel exchange-traded products and permit confidential draft filings before public disclosure.
Grayscale proposed an optional confidential registration process in its comment letter to the SEC. It also asked agency staff to respond to draft submissions within 45 days.
The crypto asset manager argued that public filings can expose new product structures before regulators respond, allowing rival sponsors to submit similar applications.
21Shares made a similar proposal in its own SEC submission. The firm said competitors can quickly copy publicly disclosed filings, weakening the advantage of sponsors that develop new products first.
Andreessen Horowitz, or a16z, separately called for shorter SEC review periods. Its filing argued that electronic submissions, standardized disclosures and recurring regulatory questions should allow faster processing.
A16z said a shorter timetable should not reduce the level of regulatory review.
Jane Street took a more cautious position in its submission. The trading firm warned that pressure to reach the market quickly could leave less time for feedback on liquidity and product structure.
Jane Street also proposed requiring ETFs to begin trading with at least two authorized participants, which create and redeem fund shares.
Charles Schwab opposed making the registration process fully confidential.
Schwab proposed that any fund discussed privately with SEC staff should become public at least 75 days before it takes effect. The brokerage said market participants need time to prepare trading controls, surveillance systems and investor materials.
Multicoin Capital used its filing to seek permission for qualifying staking receipt tokens to be held in spot crypto exchange-traded products.
Jito Labs, the Jito Foundation and the Solana Policy Institute joined Multicoin in asking the SEC to establish rules for such tokens. Their proposal could allow staking receipt tokens to account for most, or potentially all, digital asset holdings in qualifying products.
NYSE focused on exchange procedures. It asked the SEC for firmer timelines when staff requests that an exchange delay listing a novel product while regulatory issues are reviewed.
The SEC opened the review after a surge in newer ETF structures, including crypto-linked products. The agency asked whether its existing review process still works as sponsors introduce products that differ from traditional funds.
The regulator also asked whether artificial intelligence may be helping firms submit several nearly identical applications within short periods. That question has added urgency to industry concerns about copied filings and first-mover advantages.
Comments were due Aug. 31, although the SEC continued posting submissions dated after the deadline. The agency has not set a timetable for deciding whether it will adopt any of the proposals.
Any change could affect how quickly crypto funds reach US markets, how long sponsors can keep applications private and how staking-linked assets are treated inside regulated investment products.
