Crypto industry participants including Grayscale, 21Shares and Andreessen Horowitz (a16z) have urged the U.S. Securities and Exchange Commission to make reviews of new exchange-traded products faster and more predictable. Proposals include allowing confidential draft submissions, shortening regulators’ response deadlines and permitting staking structures for spot crypto products. Some firms cautioned that rushing registration could weaken consultation and market-making feedback, while others opposed making the entire registration process nonpublic.

The Solana Policy Institute estimates the chances of the U.S. Clarity Act passing before the midterm elections at about 10 percent. Chief executive Miller Whitehouse-Levine (밀러 화이트하우스-레빈) said the Senate has debated the bill for more than a year but is effectively unable to move during its August recess. The measure would clarify regulatory jurisdiction between the SEC and the CFTC. Prediction markets show higher odds but have dropped sharply in under a month.