ETF Issuers Urge SEC to Restructure Application Process

Three leading ETF issuers, VanEck, 21Shares, and Canary Capital, have urged the U.S. Securities and Exchange Commission (SEC) for a change in its application process. In a letter addressed to the SEC, these companies are requesting the reinstatement of the ‘first come, first served’ principle in the approval of ETF applications. This would mean approving ETFs in the order they are submitted rather than based on other factors, as stated by the companies, as this system hinders healthy competition and impedes innovation within the crypto ETF market.