{"id":484018,"date":"2025-06-06T20:23:13","date_gmt":"2025-06-06T19:23:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=484018"},"modified":"2025-06-07T01:29:15","modified_gmt":"2025-06-07T00:29:15","slug":"stalling-first-mover-advantage-vaneck-21shares-canary-press-sec-to-restore-first-to-file-etf-review-order","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/stalling-first-mover-advantage-vaneck-21shares-canary-press-sec-to-restore-first-to-file-etf-review-order\/","title":{"rendered":"Stalling first-mover advantage: VanEck, 21Shares, Canary press SEC to restore first-to-file ETF review order"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/companies\/vaneck\/\">VanEck<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/21shares\/\">21Shares<\/a>, and <a href=\"https:\/\/cryptoslate.com\/companies\/canary-capital\/\">Canary Capital<\/a> requested on<\/span> <strong><a href=\"https:\/\/x.com\/vaneck_us\/status\/1931038867785744836\">June 5<\/a><\/strong><span style=\"font-weight: 400;\"> that the US Securities and Exchange Commission (SEC) reinstate the queue-based review system that awards exchange-traded product approvals in the order issuers filed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a joint letter to Chair <a href=\"https:\/\/cryptoslate.com\/people\/paul-atkins\/\">Paul Atkins<\/a>, the firms said concurrent approvals strip early filers of the advantage that traditionally offsets higher legal and compliance costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the letter, VanEck chief executive <a href=\"https:\/\/cryptoslate.com\/people\/jan-van-eck\/\">Jan van Eck<\/a>, Canary\u2019s Steve McClurg, and 21Shares president Duncan Moir asked the SEC to apply the filing-date principle to pending products, including any future <a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">Solana<\/a> exchange-traded funds (ETFs) submissions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The letter also calls on the regulator to \u201cnurture a competitive financial marketplace\u201d by restoring predictable timelines.<\/span><\/p>\n<h2><strong>Stalled first-mover advantage<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The letter argued that departures from the queue began in October 2021, when the ProShares Bitcoin Futures Fund received a three-day head start and secured more than 90% of the market share.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Early filers for spot <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> ETFs later saw their applications cleared on Jan. 10, 2024, the same day larger asset managers that filed months or years later received green lights.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firms contend that such timing favors issuers with deeper distribution networks, encourages copycat filings, and concentrates assets under bigger brands.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The authors said the pattern harms market integrity by weakening incentives for original research and discouraging smaller sponsors from taking early risks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They also noted that honoring filing dates would not add material strain on SEC staff because registration statements already arrive in sequence and can retain their original time gaps through the review cycle.<\/span><\/p>\n<h2><strong>Calls echo prior public remarks<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">VanEck digital assets research chief Matt Sigel has repeated the queue argument since 2024. On May 23, 2024, Sigel<\/span> <strong><a href=\"https:\/\/x.com\/matthew_sigel\/status\/1793755772658012368\">warned<\/a><\/strong><span style=\"font-weight: 400;\"> that deviations undercut the Administrative Procedure Act\u2019s transparency standard and force early filers to shoulder prolonged update expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added that refusing to follow this standard \u201ccreates an uneven playing field for issuers who filed earlier and had to wait longer.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On January 22, Sigel<\/span> <strong><a href=\"https:\/\/x.com\/matthew_sigel\/status\/1882154162051588545\">urged<\/a><\/strong><span style=\"font-weight: 400;\"> the regulator\u2019s new leadership to \u201crespect the line\u201d after the agency formed its Crypto Task Force.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canary Capital chief executive Steve McClurg previewed the coordinated push<\/span> <strong><a href=\"https:\/\/x.com\/EleanorTerrett\/status\/1931042069360894233\">during a late-May panel<\/a><\/strong><span style=\"font-weight: 400;\"> at the Litecoin Summit in Las Vegas, telling attendees that several issuers planned a formal appeal for a return to the queue.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bloomberg ETF analyst <a href=\"https:\/\/cryptoslate.com\/people\/james-seyffart\/\">James Seyffart<\/a> also commented on the letter,<\/span> <strong><a href=\"https:\/\/x.com\/JSeyff\/status\/1931039944535142514\">stating<\/a><\/strong><span style=\"font-weight: 400;\"> that the first-to-file approach was standard practice until the 2024 launches of the spot Bitcoin and Ethereum ETFs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>VanEck, 21Shares, and Canary Capital requested on June 5 that the US Securities and Exchange Commission (SEC) reinstate the queue-based review system that awards exchange-traded product approvals in the order issuers filed.\u00a0 In a joint letter to Chair Paul Atkins, the firms said concurrent approvals strip early filers of the advantage that traditionally offsets higher [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":484055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,78665,77968,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stalling first-mover advantage: VanEck, 21Shares, Canary press SEC to restore first-to-file ETF review order<\/title>\n<meta name=\"description\" content=\"The letter mentioned the Solana ETF filings when stated that there is &quot;no foreseeable inequity in reinstating the first to file principle for outstanding applications.&quot;\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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