VanEck, 21Shares urge SEC to restore crypto ETPs 'first-to-file' rule originally appeared on TheStreet .
VanEck, 21Shares, and Canary Capital wrote a joint letter addressed to U.S. Securities and Exchange Commission Chairman Paul Atkins, in which they urged the SEC to revert to its "first-to-file" standard for issuing exchange-traded products (ETPs).
The companies contend that the recent change, which allows simultaneous approvals for crypto ETFs , including Bitcoin and Ethereum spot funds, has disrupted fairness, stifled innovation, and benefited large incumbents.
The letter cites examples, such as the ProShares Bitcoin Futures ETF, which was granted a three-day head start in 2021 and rapidly captured nearly 90% of the market share.
In January 2024, the SEC simultaneously approved several "spot Bitcoin ETFs," even though a few companies had previously filed their applications several years prior, according to the Prosecutor. The pattern has been similar to the ETF applications of Ethereum, they point out.
The companies also warn that abandoning the first-to-file concept works against small and mid-sized issuers by watering down the advantages of the first mover and stifling innovation. Instead, they incentivize big players to wait and free ride, ultimately resulting in market concentration.
They say that it's bad for investor choice, the efficiency of the market, and the entrepreneurial spirit that built the $15.4 trillion exchange-traded products industry.
The letter also addresses concerns about administrative burden, indicating that fair, date-based filing rules would not only remain administratively manageable but also maintain a competitive equilibrium.
They also caution that continued delays, particularly for new ETF sectors like Solana , could hinder innovation if the Commission continues to disregard the filing order.
VanEck, 21Shares urge SEC to restore crypto ETPs 'first-to-file' rule first appeared on TheStreet on Jun 6, 2025
This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.