Grayscale and 21Shares have requested that the SEC allow confidential draft registrations for proposed exchange-traded products. They argue that a confidential process would discourage competitors from submitting duplicative or imitative filings based on public records.
A16z has also called for a shorter review process, noting that electronic submissions and templated disclosures make the current timeline inefficient. The firm emphasized that a faster review should not lead to aless rigorous review process.
Jane Street and Charles Schwab expressed concerns. Jane Street warned that rushed registrations could limit feedback from market makers on liquidity and fund structure. Schwab opposed full confidentiality, suggesting that filings should become public at least 75 days before a fund's launch.
Multicoin Capital, Jito Labs, the Jito Foundation, and the Solana Policy Institute have asked the SEC to allow the use of staking receipt tokens in spot crypto ETPs. These tokens represent staked crypto assets used to earn rewards.
The NYSE has requested more predictable timelines for listing novel products, noting that the SEC can currently delay listings without providing a firm deadline, even when other exchanges may the proceed.
