VanEck, 21Shares, and Canary urge SEC to revert to ‘first to file, first to approve’ standard for crypto ETFs

Three asset managers VanEck, 21Shares, and Canary Capital have co-signed a letter urging the SEC to restore its traditional "first-to-file, first-to-approve" standard for exchange-traded products. The letter, published on VanEck's official X account on June 6, expresses concern over the recent departure from its traditional practice of approving ETPs in the order they were filed. The Commission has adopted a simultaneous approval process, which, according to the fund managers, has disadvantag.