On June 5, 2025, VanEck, 21Shares, and Canary Capital jointly sent a letter to SEC Chair Paul Atkins, requesting the restoration of the first – to – file review order for ETFs.
The three companies criticized the SEC for not processing the applications for spot bitcoin and ethereum ETFs in the order of filing, which they said concentrated resources on large – scale institutions, undermining market fairness and competition. They pointed out that the departure from the queue – based review system began in October 2021, when the ProShares Bitcoin Futures Fund received a three – day head start and grabbed more than 90% of the market share. Later, the applications of early filers for spot bitcoin and ethereum ETFs were approved on the same day as those of larger asset managers who filed months or even years later, on January 10, 2024.
This kind of approval timing, the companies argued, favors issuers with more extensive distribution networks, encourages copycat filings, and leads to the concentration of assets under larger brands. It undermines market integrity by weakening the incentives for original research and discouraging smaller sponsors from taking early risks. The letter also called on the regulator to “nurture a competitive financial marketplace” by restoring predictable timelines. In addition, the companies noted that following the filing – date principle would not impose additional burden on SEC staff, because registration statements already arrive in sequence and can maintain their original time intervals during the review process.
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