The SEC will decide whether or not to encrypt the ETF declaration and how fast it will be checked: Grayscale, A16z and others disagree with Jane Street, Charles Schwab

On 4 September, the United States Securities and Exchange Commission (SEC) made public its response to its request for advice on “Novel ETFs”, which allows the Fund to hold encrypted assets or use unconventional strategies. The differences of opinion centred on whether filing documents should remain open before the Fund commenced transactions and how quickly the audit process should proceed. Grayscale and Crypto Council for Encryption (CCI) supported the establishment of an optional confidential filing period to reduce the submission of imitations by competitors. Charles Schwab opposes complete secrecy and recommends that documents be made public at least 75 days in advance. Grayscale requested a response from the SEC within 45 days, arguing that the confidential process should not be extended for automatic validity or review. The venture capital institution, Andreasen Horowitz (A16z), supported a reduction in audit time, but stressed that the level of scrutiny should not be reduced, while the trading company Jane Street believed that faster processes could lead to a decline in product quality, competitiveness and liquidity. The U.S. currently has about US$ 61 billion, or about 38% of the total assets of the associated ETF, in ETF, BlackRock, iShares Bitcoin Trust ETF (IBIT), which is only associated with encrypted assets. The SEC will decide whether the confidentiality arrangements for declarations and the speed of review have been adjusted。