BakStack

SEC CryptoCommentsLM

A dedicated AI LLM for the SEC Project Crypto Comment Letters

Phil Bak's avatar
Phil Bak
Oct 28, 2025
∙ Paid

This is a fun little gift for paid subscribers.

The paid version of this substack is intended to give asset management professionals value-added content that keeps their finger on the pulse of the future of asset management.

I was researching the SEC’s Project Crypto this afternoon and found it very difficult to navigate the SEC website to get any meaningful insights from the 250+ public comment letters that have been submitted. Just finding out what asset management firms are advocating for, or HFTs, or non-profits, etc. was extremely difficult to do. So I loaded every comment letter into a dedicated LLM.

This tool allows you to ask any question you can think of, with the 251 comment letters as source material. You can get summaries, trends, specific/outlier concerns, data points cited, and on and on.

The firms commenting include:

  • Accounting (E&Y, Deloitte, KPMG, PwC)

  • Asset Managers (Fidelity, Van Eck)

  • Financial infrastructure (Nasdaq, Broadridge)

  • Market Makers (Andreessen Horowitz,

  • VCs (Citadel, Virtu, Jump)

  • Top-tier law firms

  • Industry advocacy groups (Sifma, Better Markets)

  • Academics

  • Crypto innovators

Hope this tool is useful, and please do share any interesting findings with me. Link for paid subscribers after the break.

Keep reading with a 7-day free trial

Subscribe to BakStack to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Phil Bak
Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture