Financial and crypto firms have submitted divided views on how the U.S. Securities and Exchange Commission (SEC) should review applications for new ETFs. Grayscale, the U.S. asset manager behind a Bitcoin ETF, proposed allowing applicants to submit draft filings privately before making formal applications public, arguing that the process could deter competitors from copying applications and launching similar products. It also urged the SEC to respond within 45 days of receiving an application, while Swiss ETP manager 21Shares expressed a similar position. Jane Street, a major U.S. market maker, instead warned against rushing ETF listings without sufficient review because of potential product-design and liquidity problems. Charles Schwab opposed making the entire application process nonpublic, and NYSE has separately sought greater predictability in listing reviews.