Several crypto ETF issuers, including VanEck, Canary Capital, and 21Shares, have approached the SEC requesting the reinstatement of the first-to-file rule. This request highlights the need for fair competition in the financial market.
Issuers' Request for Rule Reinstatement
Crypto ETF issuers have issued a joint letter to the SEC, pointing out perceived issues in current ETF approval processes. They emphasize that restoring the first-to-file rule would help ensure fair competition in the market.
Impact on Crypto ETF Market
The reinstatement of the first-to-file rule could lead to distinct advantages for BTC and ETH ETFs in the market. This change is expected to generate renewed interest among issuers and diversify their offerings.
Broader Implications for Financial Sector
The request to the SEC reflects broader concerns about maintaining a competitive financial landscape. The impact on BTC, ETH, and SOL ETFs underscores the importance of procedural clarity.
Restoring the first-to-file rule could rejuvenate institutional interest and accelerate ETF innovation, potentially changing current market shares and attracting new market entrants.
