Crypto ETF Managers’ ‘First-to-File’ Rule Request to SEC!

Updated

June 9, 2025

Gambar Crypto ETF Managers’ ‘First-to-File’ Rule Request to SEC!

Jakarta, Pintu News – Asset managers VanEck, Canary Capital and 21Shares have sent a letter to the United States Securities and Exchange Commission (SEC) requesting a return to the ‘first-to-file, first-to-approve’ rule in the approval process of crypto-related exchange products.

They argue that these changes will support the principles of innovation, fairness and competition in financial markets.

Check out the full information here!

Request for Reinstatement of Old Rules

SEC favoritism undermines innovation in the ETF market. pic.twitter.com/HM7P2Dm0XP
— VanEck (@vaneck_us) June 6, 2025

VanEck, Canary Capital, and 21Shares have expressed disappointment that the SEC has abandoned the ‘first-to-file’ principle in recent years. They emphasized that this approach has previously helped ensure that the first-to-file companies get a fair shake in the approval process.

The new policy of allowing concurrent approvals for multiple ETFs has hurt smaller companies and benefited larger ones. These three asset managers have been pioneers in proposing ETFs for crypto assets other than Bitcoin and Ethereum .

They have applied for Solana and Ripple ETFs, as well as Litecoin (LTC) and Sui-based products. However, the SEC has delayed their decision, similar to the handling of previous applications, leading to frustration among market participants.

Cases and Impact on Market

Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days.

If we're gonna see early approvals from the SEC on any of these assets — i wouldn't expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q.
— James Seyffart (@JSeyff) May 20, 2025

In 2021, the launch of the first Bitcoin futures ETF by ProShares showed how companies that get early approval can dominate the market. ProShares managed to capture more than 90% market share within just a few days of the release.

This shows the importance of returning to a ‘first-to-file’ system to ensure healthy and fair competition among market participants. In January 2024, the SEC approved 11 spot Bitcoin ETFs at once, which resulted in companies that filed early being deprived of the strategic benefits of their endeavors and innovations.

This raises the concern that companies may no longer be motivated to develop new products if filing early does not provide any benefits.

Outlook and Predictions for the Next Crypto ETF

According to Bloomberg analyst James Seyffart, the chances of approval for altcoin-based ETFs such as Solana (SOL) and Ripple (XRP) are very high, with a 90% and 85% chance respectively.

However, if the SEC continues to use the same approval method, companies that took the initiative to file early will again be at a disadvantage, as they will be grouped with more recent filings. VanEck, Canary Capital, and 21Shares have moved quickly to file other altcoin-based ETFs, including products based on TRON and Cronos (CRO).

However, the pending SEC decisions on some of these filings add to the market’s uncertainty and affect these companies’ product development strategies.

Conclusion

The reinstatement of the ‘first-to-file’ rule by the SEC could be an important step towards ensuring that innovation and fairness remain key pillars in the development of crypto-based financial products. By honoring companies that take the initiative to develop new products, the SEC will support healthy and competitive growth in the industry.

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