Overview
- Grayscale, Andreessen Horowitz and the Crypto Council for Innovation each filed formal comment letters urging the SEC to assess new exchange‑traded products on their specific economic risks rather than with a single rule.
- The three letters, submitted on Aug. 31, oppose automatically treating products that mainly hold non‑securities as investment companies under the Investment Company Act of 1940.
- a16z asked the SEC to coordinate registration reviews by the Division of Investment Management with exchange listings by the Division of Trading and Markets and to set clearer timelines for issuers.
- Grayscale and CCI proposed optional confidential prefiling talks so issuers can identify disclosure or custody issues before public submissions, which they say would cut repeated amendments and delays.
- The comments build on the SEC’s 2025 generic listing standards for commodity ETPs and warn that blunt, blanket rules could slow U.S. product launches and shift crypto innovation to other jurisdictions.