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FollowingThe U.S. Securities and Exchange Commission seeks advice on the review process for new ETFs (including crypto ETFs)
The U.S. Securities and Exchange Commission (SEC) has launched a public consultation process on how new exchange-traded funds (ETFs) should be handled during the review period, including crypto ETFs. Companies such as Grayscale, A16z, Jane Street and Charles Schwab submitted responses, but the parties did not fully agree on the preferred process.
The core content of the SEC's solicitation for comments
This comment process stems from the SEC's "Request for Comments on New ETFs" published in the Federal Register on July 2, 2026, which asks market participants how the SEC should handle application documents for newer, non-traditional ETF structures. The responses submitted are included in the SEC's public comment document S7-2026-24.
The core question of the request is whether the current framework for reviewing new ETF applications, including how to label, classify and process such products, still applies to markets where cryptocurrencies and other non-traditional products are becoming increasingly popular. The labeling issue is critical: At issue is whether these products should be listed separately in the "new" category, as requested by the Federal Register.
Two procedural issues under discussion
Two procedural issues were involved in the debate. One involves transparency and confidentiality during the application stage, that is, how much of the product's design details and launch schedule will be made public before a decision is made. The second concerns the speed of review, which is the speed with which the SEC processes applications and draws conclusions. These two issues are critical before any individual product is approved because they affect the way issuers plan and the competitive landscape.
Why companies disagree
Investors and companies oppose the use of the "new ETF" label in a letter to the SEC. Individual opinions submitted, including documents entered into the case file, can be viewed directly in the SEC's records. Participants cover different areas of the market: Grayscale and A16z represent issuers and crypto-native venture capital interests;Jane Street is a market-making and liquidity provider; and Charles Schwab provides a brokerage and distribution perspective. These different roles lead to different demands on issues such as whether applications should be made public or confidential, and whether reviews should be fast or slow, so the same request for comment received completely different responses.
Why procedural rules matter
Process choices are as important as headline-level approval decisions. Longer confidentiality periods will reduce early signaling between competition sponsors about product design and launch time; while faster review speeds will change the speed at which new crypto ETFs are available to market. Neither issue concerns the investment value of any product per se; they regulate the path a product takes to enter the market rather than a ruling on product quality.
This distinction is critical for issuers weighing when to file applications, liquidity providers preparing to support newly launched products, and investors trying to assess product pipelines. The same procedural issues arise in other areas of the market, such as when companies such as Coinbase seek to build new structures through new regulatory filing channels.
What to focus on next
The specific time node in the near future is the end and subsequent processing of comment document S7-2026-24. The SEC will then indicate whether it plans to change the label classification, confidentiality or review time frame for new ETFs. The final outcome remains uncertain until the agency responds to the case file, and the letters on record represent only the positions of the parties, not the policy itself.
