stable coins
By Dan Saada
1 / 15
What Each Firm Actually Wants. A16z's position is probably the most detailed. The venture capital firm wants the SEC to evaluate…
2 / 15
Where They Actually Disagree. It's worth noting that these three don't agree on everything — not even close.
3 / 15
Why the Timing Matters. Stablecoin and crypto ETP adoption has grown sharply across major markets in recent years, and the…
4 / 15
Grayscale, a16z, and the Crypto Council for Innovation want the SEC to back off. All three filed letters on August 31, the final day of a 60-day public comment window, pushing…
5 / 15
The core ask is pretty simple: stop lumping everything together. The three organizations want the SEC to keep its existing classification rules in place for new exchange-traded…
6 / 15
A16z's position is probably the most detailed. The venture capital firm wants the SEC to evaluate novel products based on their specific characteristics — not category, not…
7 / 15
Grayscale and CCI are largely aligned with a16z on the big stuff. Both support an optional confidential pre-filing process — a way for issuers to get early feedback from the SEC…
8 / 15
CCI's angle is a bit different. The group is focused on keeping regulatory efficiencies intact across both ETFs and non-ETF exchange-traded products, while making sure existing…
9 / 15
All three are united on one specific point: they oppose automatic inclusion of products holding non-securities into the Investment Company Act framework. That's a hard line.
10 / 15
It's worth noting that these three don't agree on everything — not even close. The sharpest split is over the ETF label itself.
11 / 15
See also: Zcash Soars 82% on Grayscales $304M ETF as Monero Reaches $10B Market Cap
12 / 15
A16z thinks the term "ETF" should be reserved exclusively for funds registered under the Investment Company Act of 1940. Clean, simple, legally precise. Grayscale disagrees.
13 / 15
That's not a small disagreement. It touches on how investors understand what they're buying, how regulators categorize risk, and how the whole approval pipeline gets designed.
14 / 15
The SEC, for now, hasn't said anything. No indication of which direction it's leaning, whether it'll adopt any of these recommendations, or when it plans to move.
15 / 15
Stablecoin and crypto ETP adoption has grown sharply across major markets in recent years, and the pressure on regulators to keep pace is real.
The Currency Analytics
Want the full story?