Stock Market
By Steven Anderson
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The Fight Over What "ETF" Actually Means. One of the SEC's 27 questions zeroed in on something that sounds technical but carries real…
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Rule 6c-11 and the 81-Day Wait That Grayscale Won't Let Go. Beyond the naming fight, Grayscale is pushing hard against any changes to Rule 6c-11.
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What's at Stake for Crypto Fund Managers. The broader crypto fund industry is watching this closely.
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Grayscale wants the SEC to back off. The asset manager filed a formal comment letter on August 31 — the last day of the public comment window — urging regulators not to rewrite…
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The SEC kicked off this review on June 30, publishing 27 questions aimed at understanding how different asset classes, including crypto, fit inside the existing ETF framework.
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One of the SEC's 27 questions zeroed in on something that sounds technical but carries real weight: should the word "ETF" be reserved only for funds registered under the…
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Craig Salm, Grayscale's Chief Legal Officer, said in the comment letter that restricting the "ETF" label to registered investment companies would create investor confusion, not…
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The 1940 Act turns 86 this year. It was written for a very different financial world. Applying its definitions rigidly to spot crypto commodity trusts probably wasn't what its…
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Beyond the naming fight, Grayscale is pushing hard against any changes to Rule 6c-11. That rule, put in place in 2019, lets ETFs launch without needing individual SEC approvals…
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The company isn't just making abstract arguments here. It's pointing to something that actually happened.
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See also: Grayscale, a16z, and CCI Demand SEC Reconsider Broad ETF Rules Now
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So what does Grayscale want instead? A confidential pre-filing process, with SEC staff required to respond within 45 days. That's the proposal on the table.
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The broader crypto fund industry is watching this closely. Some sponsors have already paused new launches while waiting to see what the SEC does.
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Grayscale's Zcash ETF is one of those products still waiting. It's structured as a commodity trust, same as the firm's other spot crypto offerings.
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The economic stakes are real. Any new portfolio limits would push up operational costs. Grayscale's position is that those costs flow directly to investors — the exact people the…
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