Grayscale, a16z, Jane Street, Charles Schwab, NYSE, and Multicoin Capital have submitted proposals to the U.S. Securities and Exchange Commission calling for changes to how the regulator reviews exchange-traded products involving cryptocurrencies. The requests range from confidential pre-filing discussions to shorter review periods and clearer listing timelines.
Grayscale has asked the SEC to allow sponsors to discuss draft registrations with regulators before making filings public, arguing that confidential early-stage discussions would discourage competitors from quickly submitting similar applications. The asset manager also requested that SEC staff provide responses within 45 days.
Venture capital firm a16z cited the increasing use of electronic submissions and standardized disclosure formats, arguing that many products raise similar regulatory questions and that financial markets move faster than the current review cycle. However, a16z stressed that accelerating the process should not reduce regulatory scrutiny.
Jane Street took a different view, warning that pressure to bring products to market quickly could lead to rushed registrations and reduce time for sponsors to consult market makers about fund structure. Charles Schwab argued against making the entire filing process private, proposing instead that filings become publicly available at least 75 days before a fund becomes effective.
Multicoin Capital, Jito Labs, the Jito Foundation and the Solana Policy Institute urged the SEC to permit staking receipt tokens—which represent digital assets staked to generate rewards—within spot cryptocurrency ETPs. NYSE called for clearer timelines when the regulator delays listings during regulatory review.
Comments submitted by August 31 continue to appear in the SEC's public database, according to the agency's records. The SEC has not yet provided a timetable for deciding on the proposed changes.
