According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) is reviewing new types of exchange-traded funds (ETFs), which has drawn opposition from the Grayscale Investment, venture capital firm a16z, and the Crypto Innovation Committee (CIC). These three organizations submitted their letters on August 31st, calling on the SEC to avoid imposing uniform restrictions on these “new” ETFs. They argue that products involving crypto assets, private investments, leverage, and event-based contracts carry different risks and should not be considered the same category. The SEC launched a consultation on June 30th to seek feedback on the classification of investment companies, portfolio requirements, and the registration process for funds using new assets or strategies. This request is exploratory in nature and does not propose any rules or prohibitions on any products. In their letters, they stated that the SEC should evaluate each product based on its economic structure and potential risks. Both Grayscale and a16z oppose imposing additional portfolio requirements or disclosure obligations merely because regulatory authorities label a product as “new.”