Vaneck, 21Shares and Canary Capital requested June 5 That the US Securities and Exchange Commission (SEC) restores the queue -based assessment system that grants approvals in the submitted order traded by exchange rate.
In a joint letter to chairman Paul Atkins, the companies said that simultaneous approvals are early fillers of the benefit of the benefit that traditionally compensates for higher legal and compliance costs.
In the letter, Vaneck, Chief Executive Jan van Eck, Steve McClurg from Canary and 21Shares, President Duncan Moir, asked the SEC to apply the principle of the archiving date on hanging products, including future Solana Exchange -Traded Funds (ETFS).
The letter also calls on the regulator to “feed a competitive financial market” by repairing predictable timelines.
Stuck first-mover benefit
The letter argued that deviations from the queue started in October 2021, when the Froshares Bitcoin Futures Fund received a three -day lead and achieved more than 90% of the market share.
Early fillers for Spot Bitcoin and Ethereum ETFs later saw their applications tidy on January 10, 2024, the same day larger asset managers who received green lights for months or years later.
The companies claim that such timing -with deeper distribution networks, encourage copycat applications and concentrates assets among larger brands.
The authors said that the market integrity of the pattern is damaged by weakening the stimuli for original research and discouraging smaller sponsors from taking early risks.
They also noted that the respect for archiving data would not add a material tribe to SEC -employees because registration outlings arrive in order and can retain their original eras during the assessment cycle.
Echo calls earlier public comments
Vaneck Digital Assets Research Chief Matt Sigel has repeated the queue argument since 2024. On May 23, 2024, Sigel warned These deviations undermine the transparency standard of the administrative procedure and force early files to shoulder long -term update costs on the shoulder.
He added that refusal to follow this standard “creates an uneven playing field for issuers who have previously submitted and had to wait longer.”
On January 22, Sigel insisted The new leadership of the regulator to “respect the line” after the agency had formed its crypto task force.
Canary Capital Chief Executive Steve McClurg has viewed the coordinated push During a late May panel At the Litecoin -top in Las Vegas, those present told that different issues had planned a formal profession for a return to the queue.
Bloomberg ETF analyst James Seyffart also commented on the letter, entry That the first-on-file approach was the standard practice until the 2024 launch of the Spot Bitcoin and Ethereum ETFs.