Crypto industry submits ETF rule competition proposal to SEC

The cryptocurrency industry submits differentiated proposals to the SEC on new rules for ETFs, and industry consensus has not yet been formed

Cryptocurrency industry participants have submitted multiple differentiated rule proposals to the U.S. Securities and Exchange Commission (SEC) regarding new regulatory requirements for exchange-traded funds (ETFs). This shows that the industry is far from reaching a unified opinion on how to formulate future ETF rules. For Southeast Asian exchanges and investors, who closely follow Washington, the SEC's ETF rule proposal marks an early and unstable stage of the rule-making process that could ultimately affect access to related products across the region.

Crypto industry groups submit competing ETF proposals to the SEC

These proposals are closely related to a current SEC rulemaking effort, and relevant documents can be found on the rulemaking page of the regulatory agency's project No. S7 - 2026 - 24. The document focuses on the current debate over how new exchange-traded funds should be structured and regulated. All parties within the cryptocurrency industry have not reached a unified consensus, but have proposed different plans. The differences are clearly visible in the SEC's public solicitation record on the proposal, which compiles all opinions that have been submitted so far. It should be noted that the confirmation information based on this article only involves the act of submitting the proposal itself and is not yet complete. Therefore, specific company names, funding requirements or final rule terms will not be mentioned here because this information has not been confirmed in the existing public record.

Why different ETF rule proposals are crucial to cryptocurrency regulation

The differentiated proposals mean that there are substantial differences in ETF design within the industry, which are likely to focus on the access methods and structural design of these funds. When industry participants disagree on the desired rules, regulators face competing priorities rather than a clear and unambiguous demand. As a market regulator in the United States, the SEC's functions are roughly equivalent to those of Indonesia's OJK, Thailand's SEC or the Philippines's Securities and Exchange Commission. Its rule-making on ETF structures often provides an important reference for regional regulators and exchanges when measuring their own product frameworks. In a statement about new exchange-traded funds, SEC Chairman Paul Atkins emphasized that the design of these products is a policy issue that the committee is actively exploring. At present, its importance is mainly reflected at the process level, and the existing records do not support making assertions about market reactions or final results.

What aspects of SEC review feedback should Southeast Asian markets pay attention to

The existence of a public comment page indicates that it is currently in a continuous cycle of feedback and review, rather than that the rules have been settled. The safest course of action is to focus on how the SEC will proceed with submissions. Readers should pay attention to the SEC's responses to comments, any revisions or supplements, and clarifications that can gradually clarify competing proposals into specific rule texts. In the current record, there are no confirmed facts that determine the final decision, approval possibility or implementation date. For Southeast Asia, this background framework is crucial. In recent months, regulators in other regions have individually promoted cryptocurrency policies, from Thailand's five-year zero-capital gains tax on cryptocurrencies to the United States 'approval of the first start-up digital asset bank approved by the OCC (Office of the Comptroller of the Currency). These initiatives are all influencing how local platforms plan product roadmaps. ASEAN exchanges such as Indodax, Tokocrypto and Coins.ph often tend to design products based on standards set by major jurisdictions, and how U.S. ETF rules are implemented will directly affect which structured products can reach users in the region. Asset management companies are already envisioning new application scenarios. For example, Franklin Templeton sees proxy artificial intelligence as a potential application direction for cryptocurrencies, which reminds us that even if the core rules are still changing, the pipeline for product innovation is still widening. Before the SEC takes action on the solicitation record, it is pragmatic for Southeast Asian market participants to view ETF rulemaking as an open process and focus on subsequent statements from the committee rather than be swayed by title noise.

Disclaimer: This article is for information only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Please be sure to study for yourself before making any decisions.