Crypto Council Seeks Streamlined ETP Approvals from SEC
The Crypto Council for Innovation (CCI) has urged the Securities and Exchange Commission (SEC) to modernize and streamline the approval process for novel exchange-traded products (ETPs). This call comes as the SEC proposes a framework for ETPs related to crypto assets, blockchain opportunities, and event contracts.
Citing existing regulations on ETFs as a blueprint for reform, CCI advocates for similar efficiencies in the context of non-ETF ETPs. Specifically, they propose Rule 6c-11 and Rule 485 treatment, which would allow qualifying ETPs to operate without exemptive orders from the SEC.
The organization also calls for clearer naming and disclosure rules, as well as confidential draft filings to protect innovative products from copycat filings before their introduction.