Coinpost reported that multiple local financial and virtual asset firms submitted opinions regarding the U.S. Securities and Exchange Commission (SEC)'s review of new ETFs, with industry opinions divided between calls for swift review and cautious review. In this regard, Grayscale, a U.S. asset management firm currently operating a Bitcoin ETF, urged the introduction of a procedure allowing drafts of ETF applications to be submitted privately before public submission. Grayscale argued that such a procedure could prevent the launch of similar products through the imitation of competitors' applications. It also proposed mandating the SEC to respond within 45 days after receiving an application. 21Shares, a Switzerland-based ETP operator, also submitted a similar opinion to the SEC as Grayscale. On the other hand, Jane Street, a major U.S. market maker, raised a cautious view, warning against hasty listing of ETFs. Jane Street pointed out that if an ETF is approved without sufficient review, problems could arise in product design or liquidity. Charles Schwab, a major U.S. brokerage firm, also opposed making the application process entirely private.
