Vaneck, 21Shares and Canary Capital asked June 5 that the American Commission for Securities and Exchange (SEC) reintegrates the examination system based on the queue which assigns approvals of products negotiated in exchange in the order deposited by the issuers.
In a joint letter to President Paul Atkins, companies have declared that simultaneous approvals without the first declarants of the advantage which traditionally compensates for the higher legal and compliance costs.
In the letter, the CEO of Vaneck, Jan Van Eck ,, Steve McClurg of Canary, and the president of 21Shares, Duncan Moir, asked the dry to apply the principle of the date of pending products, including future submissions of funds (ETF) Futors of Solana Exchange.
The letter also calls on the regulator to “nourish a competitive financial market” in the restaurant of predictable deadlines.
Advantage to the first mobile in dead stands
The letter argued that the gaps in the queue began in October 2021, when the Bitcoin Futures Fund proshares received one step ahead of three days and obtained more than 90% of the market share.
The first declarants for Bitcoin Spot and Ethereum ETHEREs later saw their requests eliminated on January 10, 2024, on the same day, the largest asset managers who deposited months or years later received green seers.
Companies argue that this timing promotes transmitters with deeper distribution networks, encourages copy deposits and concentrates assets in larger brands.
The authors said that the model harms the integrity of the market by weakening incentives for original research and discouraging small sponsors from taking early risks.
They also noted that the honor of the dates of deposit would not add the material constraint on the SEC staff because the recording declarations are already in sequence and could keep their original gaps throughout the examination cycle.
Calls for previous public remarks Echo
Vaneck’s digital asset research chief Matt Sigel repeated the queue argument since 2024. May 23, 2024, Sigel warned that the differences decrease the standard of transparency of the law of the administrative procedure and force the first declarations to support prolonged update expenses.
He added that the refusal to follow this standard “creates an unequal playing field for issuers who deposited earlier and had to wait longer.”
January 22, Sigel exhorted The new leadership of the regulator to “respect the line” after the agency formed its cryptographic working group.
The director general of the capital of Canary, Steve McClurg, presented an overview of the coordinated push During a sign at the end of May At the top of Litecoin in Las Vegas, telling the participants that several issuers had provided an official call for a return to the queue.
Bloomberg ETF analyst James Seyffart also commented on the letter, declaring That the first -file approach was a standard practice until the launch of 2024 of the Bitcoin and Ethereum Ethers spot.
