From Yahoo Finance: 2025-06-06 18:33:00

VanEck, 21Shares, Canary Capital urge SEC to return to ‘first-to-file’ rule for crypto ETPs. Recent change allowing simultaneous approvals for crypto ETFs has favored big players, stifled innovation. ProShares Bitcoin Futures ETF granted head start in 2021, capturing 90% market share. Concerns raised about market concentration, hindered innovation, and unfair advantage.

SEC’s approval of spot Bitcoin ETFs in 2024 ignored previous applications, disadvantaging small and mid-sized issuers. Companies warn of negative impact on investor choice, market efficiency, and entrepreneurial spirit. They argue for fair, date-based filing rules to maintain competitive equilibrium, prevent delays for new ETF sectors like Solana.

VanEck, 21Shares, and Canary Capital’s letter to the SEC highlights administrative burden concerns and the need for a return to the ‘first-to-file’ standard for crypto ETPs. The companies stress the importance of fair competition, innovation, and market efficiency in the exchange-traded products industry.

Read more: VanEck, 21Shares urge SEC to restore crypto ETPs ‘first-to-file’ rule