Brian Daily, Director of the U.S. Securities and Exchange Commission (SEC)'s Division of Investment Management, stated that he would restore the trust lost due to past failures in responding to cryptocurrencies and would process the more than 200 ETF applications received each month in an orderly manner. According to Bloomberg ETF analyst Eric Balchunas, Daily said in a recent interview, "We failed to respond properly to cryptocurrencies and thus lost trust, but we intend to normalize this and establish an orderly process." He added that if prediction market ETFs are approved, 500 to 1,000 applications could flood in a short period, and the SEC could also consider a confidential application process to protect intellectual property and good-faith operators. Previously, the SEC had sought public comments on cryptocurrency and on-chain innovation product ETFs, including prediction markets.
