Crypto ETF Issuers Want ‘First-to-File’ SEC Rule Back
Three asset managers, VanEck, 21Shares, and Canary Capital, have penned a letter together to the United States Securities and Exchange Commission (SEC), asking the agency bring back the “first-to-file, first-to-approve” rule for exchange-traded products (ETPs).
The letter, which was posted on VanEck’s official X account on June 6, criticized the SEC’s trend of approving multiple crypto ETFs all at once, instead of honoring the order in which applications were submitted.
The fund managers argue that the new approval style gives larger companies an unfair edge and leaves smaller companies at a disadvantage. “When the Commission plays favourites, it costs ETP sponsors money and makes the…
