SEC's Daily admits crypto failures, vows to restore trust

Brian Daily, Director of the U.S. Securities and Exchange Commission's (SEC) Division of Investment Management, has pledged to restore trust lost due to past failures in handling cryptocurrency by processing the roughly 200 ETF applications received each month in an orderly manner. According to Bloomberg ETF analyst Eric Balchunas, Daily acknowledged in a recent interview that the agency had not handled crypto well, which eroded trust, but is now working to normalize the situation and establish an orderly process. Daily also noted that approving prediction market ETFs could trigger a flood of 500 to 1,000 applications in a short time. He added that a non-public application system could be considered to protect intellectual property and legitimate businesses. The SEC has previously sought public comment on ETFs for innovative crypto and on-chain products, including prediction markets.