U.S. SEC Official: Acknowledges Crypto ETF Regulatory Failures, Plans to Establish More Orderly Approval Process

CoinFeed July 2 news, Brian Daly, director of the SEC's Investment Management Division, said on the "Trillions" program that the SEC acknowledges it "handled poorly" the approval of cryptocurrency ETFs in the past, damaging industry trust. Currently, the SEC is pushing to establish a more orderly, asset-neutral approval process to cope with approximately 200 ETF applications per month, including innovative products such as prediction markets. Daly emphasized that the SEC supports financial innovation while protecting investors, and is considering introducing a confidential filing mechanism to prevent product ideas from being quickly copied.