The US SEC announced that it intends to simplify the application process for investment companies, which could also significantly accelerate decision-making on proposals from cryptocurrency and blockchain companies.
On July 6, on its website, SEC announced that it had voted in favor of an accelerated process for verifying companies per the Law on Investment Companies. The SEC also mentioned the “new unofficial internal procedure,” which refers to any other applications that are not governed by the above law.
Now the SEC is talking about changes aimed at “a more efficient application process” and “providing additional certainty and transparency.” According to the Commission, the provision of such exemptions may provide “important economic benefits to the funds and their shareholders.”
“The modifications approved today will improve and simplify this process, which will lead to increased transparency, lower costs, and more effective use of our staff’s resources,” said SEC Chairman Jay Clayton.
The SEC also stated that the changes would take effect 270 days after they are published in the Federal Register.
Earlier, the Commission was very reluctant to consider Bitcoin ETFs, which in the end could not get any approval. However, the review process was too long.