SEC

Wall Street just got a powerful new on-ramp to crypto as the SEC greenlit a multi-asset fund holding bitcoin, ethereum, XRP, solana and cardano for trading.

SEC Approves Grayscale Multi-Crypto Fund, Paving Way for Broader Digital Asset Access
The U.S. Securities and Exchange Commission (SEC) announced on Sept. 17 a package of approvals expanding access to digital asset investment vehicles. The decisions included authorization of generic listing standards for commodity-based trust shares and new options tied to bitcoin ETF indexes. Alongside these moves, the SEC cleared the listing and trading of the Grayscale Digital Large Cap Fund, which tracks the Coindesk 5 Index and holds bitcoin, ethereum, XRP, solana, and cardano.
As the Commission stated:
The Commission approved the listing and trading of the Grayscale Digital Large Cap Fund, which holds spot digital assets based on the Coindesk 5 Index.
Grayscale Investments CEO Peter Mintzberg described the development as a milestone for the firm and the broader crypto sector. On social media platform X, he wrote: “Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. The Grayscale team is working expeditiously to bring the first multi crypto asset ETP to market with bitcoin, ethereum, XRP, Solana, and Cardano.”
In a separate post, the executive added:
Thank you to the SEC Crypto Task Force for their continued, unmatched efforts in bringing the regulatory clarity our industry deserves.
Market analysts viewed the SEC’s decision as a significant step in expanding regulated digital asset exposure and a signal of its readiness to approve more diversified crypto products.
Grayscale confirmed that the Digital Large Cap Fund has filed a registration statement and prospectus with the SEC. These documents are available through the SEC’s EDGAR system or directly from the company. While skeptics warned that multi-asset funds may compound volatility risks, supporters argued that diversification helps reduce concentration in any one digital currency and provides a structured entry point for investors. With this approval, Grayscale has secured a leading position in developing regulated, diversified crypto products for the U.S. market.
#Binance #wendy #sec $BTC $ETH $BNB

Former Chairman of the U.S. Securities and Exchange Commission (t-28) Gary Gensler stated that he does not regret his approach to cryptocurrency regulation during his four years at the agency. In an interview with CNBC, he did not acknowledge any mistakes on his part, despite significant changes in the commission's policy under new leadership.

The U.S. Securities and Exchange Commission (SEC), under the leadership of Chairman Paul Atkins, is set to overhaul investor disclosure rules for publicly traded companies, signaling a transformative shift in corporate reporting. Announced on September 19, 2025, this initiative responds to calls for modernizing financial disclosures, aligning with President Donald Trump’s advocacy for moving from quarterly to semi-annual reporting. The reform aims to enhance transparency, reduce regulatory burdens, and allow companies to prioritize long-term growth over short-term gains.
A New Approach to Corporate Transparency
Chairman Atkins emphasized that the time is ripe to reassess how investors access and engage with financial information. Speaking at a recent industry event, he highlighted the need to evaluate the channels, methods, and formats of corporate disclosures to better meet investor needs. Atkins noted that many investors derive greater insights from earnings conference calls than from dense, mandatory quarterly reports, suggesting a shift toward more dynamic and relevant disclosure practices.
The proposed reform aligns with President Trump’s critique of the current quarterly reporting system, which he argues drives corporate executives to focus excessively on short-term profits at the expense of strategic planning. By transitioning to semi-annual reporting, the SEC aims to free up resources, allowing companies to invest in long-term innovation while maintaining transparency for shareholders.
Addressing Short-Termism in Corporate Governance
The push for semi-annual reporting reflects a broader effort to combat “short-termism” in corporate governance. Atkins echoed Trump’s sentiment that the pressure to deliver quarterly results often distracts management from pursuing sustainable growth strategies. “For the sake of shareholders and public companies, the market can decide what the proper cadence is,” Atkins stated, proposing that companies be given flexibility to choose their reporting frequency. This market-driven approach, he argued, would empower firms to align disclosures with their operational needs while ensuring investors receive meaningful updates.
The SEC’s reform plan will involve a proposed rule change, to be voted on by the commission, which currently holds a 3-1 Republican majority. If approved, the shift to semi-annual reporting would mark a significant departure from the quarterly mandate in place since 1970, potentially reshaping how Wall Street values public companies.
Balancing Transparency and Efficiency
While the move to less frequent reporting aims to reduce compliance costs, it has sparked debate about its impact on investor transparency. Critics argue that semi-annual disclosures could limit timely access to financial data, particularly for retail investors who rely on quarterly reports to make informed decisions. Atkins countered that modern communication channels, such as earnings calls and real-time updates, provide investors with ample information, often surpassing the utility of standardized reports. The SEC’s reform plan will likely explore ways to enhance these alternative channels to ensure robust transparency.
The initiative also includes a broader review of disclosure content. Atkins emphasized the importance of tailoring disclosures to deliver actionable insights, potentially streamlining reporting requirements to focus on material information. This could reduce the administrative burden on companies while maintaining investor confidence.
A Broader Context of Regulatory Reform
The disclosure reform aligns with Atkins’ broader vision for a business-friendly SEC. Since taking over as chairman in April 2025, Atkins has prioritized reducing regulatory burdens and fostering capital formation. His leadership has already spurred changes, such as the rollback of climate-related disclosure rules and the introduction of crypto-friendly policies, reflecting a shift from the enforcement-heavy approach of his predecessor, Gary Gensler.
The push for semi-annual reporting also resonates with global practices. For example, China’s Hong Kong Stock Exchange allows voluntary quarterly disclosures but mandates only semi-annual reports, a model Trump cited as enabling a “50 to 100-year view” for corporate management. Atkins’ proposal could position the U.S. closer to such frameworks, encouraging a long-term perspective in corporate decision-making.
Implications for Investors and Companies
The proposed changes carry significant implications for both investors and public companies. For investors, semi-annual reporting could streamline access to critical information, provided alternative channels like earnings calls remain robust. However, retail investors may face challenges if transparency is perceived to decline. For companies, reduced reporting frequency could lower compliance costs, freeing up resources for innovation and strategic growth. Atkins’ market-driven approach, allowing firms to choose their reporting cadence, aims to balance these dynamics.
As the SEC prepares to draft and vote on the rule change, stakeholders will closely monitor its development. The commission’s Republican majority increases the likelihood of approval, but public consultation and potential opposition from investor advocacy groups could shape the final outcome.
Looking Ahead
The SEC’s commitment to reforming disclosure rules marks a pivotal moment for U.S. financial markets. By prioritizing flexibility, efficiency, and long-term value creation, Chairman Atkins aims to modernize corporate reporting while addressing the needs of a diverse investor base. As the agency moves forward with its comprehensive plan, the shift to semi-annual reporting could redefine corporate transparency, fostering a more sustainable approach to governance in an increasingly dynamic economic landscape.
#SEC #CorporateGovernance #InvestorTransparency #RegulatoryReform

ETF Listings Became Easier

The #US Securities and Exchange Commission approved a change to how companies can list and trade shares of exchange-traded funds, which should streamline the process for new products moving forward.

The narrative
A majority of commissioners at the U.S. Securities and Exchange Commission voted to streamline the process by which companies could list and trade shares of spot crypto exchange-traded funds #etf 's, as well as other types of ETFs, through the approval of a generic listing standard.

Why it matters
For over a decade, the process to (try and) list a spot crypto exchange-traded fund was a 270-day process which usually ended in the ETF application being rejected. Last year, under former #SEC Chair Gary Gensler, the regulator approved the first spot crypto ETFs, for Bitcoin and Ether. Over the past year, we've seen applications for a number of other assets.

Breaking it down
The idea that the SEC would create generic listing standards has been discussed for a few months, at least since the regulator paused the launch of #Grayscale 's Digital Large Cap Fund earlier this year. 
In July, the SEC approved GDLC to uplist as an ETF, but almost immediately paused the process. At the time, an individual familiar said the pause was likely intended to give the SEC enough time to develop those generic listing standards.
This past Wednesday, the SEC approved those standards, letting companies bypass the Exchange Act process if their proposed products meet the standards. 
In a statement, SEC Chairman Paul Atkins said, "By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets. This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets."A number of spot crypto ETF applications have been waiting for a final decision from the regulator, and it seems likely that a number of new products will come to market in the coming months.

More Reading:
SEC Makes Spot Crypto ETF Listing Process Easier, Approves Grayscale's Large-Cap Crypto Fund _ The move opens the way for exchanges to list spot digital asset-backed funds without the case-by-case approval of the regulator.

Crypto ETF 'Floodgates' Open With SEC Listing Standards, But Price Impact May Be Uneven _ The regulator's move sets the stage for a wave of new crypto products coming to market, but that alone won’t drive demand, analysts cautioned.

#ETFs $BTC $ETH

Former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler remains steadfast in his defense of his regulatory legacy, expressing no regrets about his stringent oversight of the cryptocurrency industry. In a recent CNBC interview, Gensler reflected on his four-year tenure, which ended in January 2025, emphasizing his commitment to investor protection. Despite the rapid reversal of his policies under new SEC Chair Paul Atkins and widespread criticism from the crypto sector, Gensler stands by his approach, arguing that most cryptocurrencies, excluding Bitcoin, lack fundamental value and remain highly speculative.
A Tenure Defined by Enforcement
Gensler’s time as SEC Chair was marked by a robust “regulation-by-enforcement” strategy, resulting in nearly 100 legal actions against crypto firms, including high-profile cases against Coinbase, Kraken, and Ripple Labs. He defended these efforts, stating, “I am very proud of what we accomplished. I took an oath and led an enforcement agency dedicated to protecting investors.” His focus on curbing fraud and ensuring compliance, exemplified by the Sam Bankman-Fried case, underscored his belief that the crypto industry’s speculative nature posed significant risks to retail investors.
Gensler’s tenure also saw advancements in broader financial reforms, including shortening settlement cycles, strengthening insider trading rules, and improving U.S. Treasury market stability. He highlighted the introduction of a three-month waiting period for insider trades as a critical step toward market fairness. These achievements, he argued, bolstered investor confidence and reinforced the SEC’s role as a guardian of financial integrity.
A Shift Under Paul Atkins
Since Gensler’s departure, the SEC, under Paul Atkins’ leadership, has pivoted toward a more crypto-friendly stance, dismantling many of his policies. Atkins’ initiatives, such as “Project Crypto” and collaboration with the Commodity Futures Trading Commission (CFTC), have spurred a surge in U.S. crypto innovation, leadership, and capital inflow. Critics of Gensler, including prominent figures like Mark Cuban and Anthony Scaramucci, argued that his enforcement-heavy approach stifled innovation and lacked clear regulatory guidelines. The crypto industry has largely welcomed Atkins’ reforms, viewing them as a catalyst for growth.
Despite this shift, Gensler remains skeptical of the industry’s trajectory. He reiterated that most cryptocurrencies, apart from Bitcoin, trade on “hype” rather than fundamentals, posing risks to everyday investors. “Bitcoin’s not a security, but these 10,000 or 15,000 other tokens—the investing public has been hurt over the many years,” he stated, pointing to a history of noncompliance and fraud in the sector.
Transition to Academia
Following his exit from the SEC on January 20, 2025, coinciding with the inauguration of President Donald Trump, Gensler returned to the Massachusetts Institute of Technology (MIT) as a professor of global economics and management practice. His academic focus now centers on artificial intelligence (AI), financial technology (fintech), and public policy—fields that align with his extensive regulatory experience. At MIT, Gensler aims to shape the next generation of financial leaders, leveraging his insights from navigating one of the most transformative periods in U.S. financial regulation.
The Crypto Debate and Future Implications
Gensler’s unwavering stance highlights a broader debate about the role of regulation in the fast-evolving crypto landscape. While his critics argue that his policies hindered innovation, supporters contend that his enforcement actions protected investors from rampant fraud and speculative bubbles. The contrast with Atkins’ approach underscores a philosophical divide: strict oversight versus fostering innovation through regulatory clarity.
As the SEC adapts to new leadership, the U.S. crypto industry is poised for growth, with initiatives like spot ETFs for Dogecoin and XRP reflecting increased market maturity. However, Gensler’s warnings about speculative assets continue to resonate, particularly as the industry navigates emerging risks like quantum computing threats and AI-driven fraud. His legacy, while controversial, has sparked critical discussions about balancing investor protection with technological advancement.
Looking Ahead
Gary Gensler’s reflections offer a window into the complexities of regulating a nascent industry. As Paul Atkins steers the SEC toward a more permissive framework, the long-term impact of Gensler’s enforcement-driven tenure will remain a point of contention. His return to academia positions him to influence future policy debates, particularly at the intersection of AI, fintech, and regulation. For now, the crypto industry celebrates a new chapter, but Gensler’s emphasis on fundamentals serves as a reminder of the risks that persist in the rapidly evolving digital asset landscape.
#SEC  #BTC  #AI