Although ASME B18.2.1 allows for reduced body diameter bolts (where the unthreaded shank is equal to the pitch diameter of the threads), the American Wood Council does not. In Section 13.1.3.3 of the 2015 National Design Specification for Wood Construction, it says:
“Bolts used with split ring and shear plate connectors… shall have an unreduced nominal or shank (body) diameter in accordance with ANSI/ASME Standard B18.2.1.”
Many long (10”+) bolts are made with reduced body shanks, so if your project is using shear plates or split rings, those should be avoided unless special allowances are made by the project engineer.