EVERY ETF COMMENT LETTER MATCHES THE WRITER’S OWN BOOK — GRAYSCALE WANTS SECRECY, SCHWAB WANTS TIME, JANE STREET WANTS IT SLOW
Every letter is honest, and every letter maps to the writer’s own book.
The SEC asked 27 questions about how new crypto funds should get approved, and the answers are a masterclass in reading the room. Grayscale, with 18 products to protect, wants confidential filings so nobody copies its homework. Schwab, with $13 trillion in client assets, wants everything public for 75 days so its brokerage can prep. Jane Street, which earns the spread, warns that faster approvals mean worse products — true, and also exactly what a market maker with an incumbent edge would say. a16z wants speed without lighter review, which is what a venture firm with a pipeline says. Every letter is honest, and every letter maps to the writer’s own book. One number for scale: BlackRock’s Bitcoin fund alone is $61 billion — 38% of the entire crypto-fund category. The paperwork fight is loud. The money already voted.
KEY RECEIPTS
The SEC published responses to its “Novel ETFs” request for comment (file S7-2026-24) — 27 questions on how unusual funds, including crypto funds, get approved.
Grayscale (18 ETFs/ETPs): wants a confidential filing period to “reduce the incentive for competing sponsors to file imitative or duplicative registration statements” — plus a 45-day SEC response deadline. AI-assisted copycat filings are the stated concern.
Crypto Council for Innovation: backs optional confidential pre-filing; wants the 75-day auto-effectiveness mechanism extended to crypto trusts so sponsors get a plannable launch date.
Charles Schwab ($13T client assets): opposes fully confidential filings; if confidentiality comes, wants filings public at least 75 days before effectiveness.
Jane Street: opposes faster review — argues rushed registrations mean lower-quality, less liquid products and wider spreads for retail.
a16z: review should be shorter — filings are “submitted electronically, the disclosure is largely templated” — but “faster” must not mean “a lighter review.”
Scale: 174 crypto-asset ETFs already trade in the U.S.; BlackRock’s IBIT is ~$61B, about 38% of category assets (ETF.com).
Primary letters: SEC comment file S7-2026-24.
Source: Bitcoin.com News, Sep 3 2026.
Grayscale (18 ETFs/ETPs): wants a confidential filing period to “reduce the incentive for competing sponsors to file imitative or duplicative registration statements” — plus a 45-day SEC response deadline. AI-assisted copycat filings are the stated concern.
Crypto Council for Innovation: backs optional confidential pre-filing; wants the 75-day auto-effectiveness mechanism extended to crypto trusts so sponsors get a plannable launch date.
Charles Schwab ($13T client assets): opposes fully confidential filings; if confidentiality comes, wants filings public at least 75 days before effectiveness.
Jane Street: opposes faster review — argues rushed registrations mean lower-quality, less liquid products and wider spreads for retail.
a16z: review should be shorter — filings are “submitted electronically, the disclosure is largely templated” — but “faster” must not mean “a lighter review.”
Scale: 174 crypto-asset ETFs already trade in the U.S.; BlackRock’s IBIT is ~$61B, about 38% of category assets (ETF.com).
Primary letters: SEC comment file S7-2026-24.
Source: Bitcoin.com News, Sep 3 2026.
Read the letter. Then read the letterhead.
The cap is still twenty-one million.
READ THE COVERAGE →
The cap is still twenty-one million.
Bitcoin.com News · Thu Sep 3 2026 · 6:10 PM ET · Primary: SEC file S7-2026-24