ETF issuers VanEck, 21Shares and Canary Capital have reportedly sent a letter to the US SEC urging a return to the "first-to-file" principle and approval of ETF applications in the order in which they are submitted to regulators. The companies argue that the SEC's failure to comply with the "first-to-file principle," the default application approval process for crypto ETFs before they go public, has weakened healthy competition and hindered financial innovation.
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ETF issuers jointly urge the SEC to restore the first-come, first-served principle for encryption ETF approvals.
ETF issuers VanEck, 21Shares and Canary Capital have reportedly sent a letter to the US SEC urging a return to the "first-to-file" principle and approval of ETF applications in the order in which they are submitted to regulators. The companies argue that the SEC's failure to comply with the "first-to-file principle," the default application approval process for crypto ETFs before they go public, has weakened healthy competition and hindered financial innovation.