Within the same batch of comment letters, the two opposing stances stand out sharply. Crypto industry players are calling on the U.S. Securities and Exchange Commission (SEC) to shorten the ETF review timeline and allow filings to be submitted confidentially as drafts, without having to disclose details publicly at the early stage of review.
Jane Street and Charles Schwab take the completely opposite view. Both firms have voiced concerns about the push for faster listings, arguing that rushing ETFs to market—combined with confidential filing mechanisms—would leave insufficient room for market scrutiny. In other words, the faster the review and the later the information is made public, the less time outside parties have to check the terms and risks involved.
So far, the publicly available material only shows the two sides' positions laid side by side. The SEC has not yet responded to these comments, and whether the actual review rules will be adjusted remains to be seen, pending further official clarification.
