Crypto ETF Issuers Demand First-to-File Rule for Market Fairness

Major crypto exchange-traded fund (ETF) issuers are urging the Securities and Exchange Commission (SEC) to reinstate the ‘first-to-file’ rule. This request aims to restore balance in the competitive landscape of the ETF market, specifically concerning Bitcoin, Ethereum, and emerging Solana ETFs. 3 companies, VanEck, Canary Capital, and 21Shares, submitted a letter to the SEC advocating for this change. They believe the ‘first-to-file’ system would minimize legal complexities and foster predictability in new product launches. This could significantly impact pending Solana ETF applications and future filings.