VanEck, 21Shares, and Canary Capital requested the SEC reinstate the first-to-file approval rule for crypto ETFs.
The firms cited previous grouped approvals that allowed later filers, like BlackRock, to gain dominant ETF market share.
New altcoin ETF filings by the firms include Solana, XRP, Litecoin, and Sui, with SEC delays and grouped decisions ongoing.
Asset managers VanEck, 21Shares, and Canary Capital have submitted a letter as one to the U.S. Securities and Exchange Commission (SEC), calling for a reinstatement of the “first-to-file” rule in the approval process for crypto exchange-traded products (ETPs). The request follows a series of recent approvals where the SEC approved all applications simultaneously, regardless of when they were filed.
Letter Cites Competitive Imbalance in Simultaneous Approvals
According to the letter shared by VanEck, the asset managers are requesting the SEC to approve registration statements based on the chronological order of filing. The letter emphasized that the absence of the first-to-file approach undermines market fairness, innovation, and competition.
https://twitter.com/vaneck_us/status/1931038867785744836
The firms referenced the SEC’s past practice of approving all Spot Bitcoin and Ethereum ETFs at once, which allowed later applicants to secure significant market share. For example, although VanEck filed its Bitcoin ETF application years earlier, BlackRock received approval on the same date and now holds the largest share of Spot Bitcoin ETF assets.
The letter stated that this approach negatively impacts ETP sponsors and distorts competitive dynamics within the ETF marketplace. The issuers argued that honoring submission dates would reaffirm the Commission’s commitment to a balanced financial landscape.
History of Simultaneous Approvals Traced to Key ETF Levels
The letter identified three instances where the SEC deviated from the first-to-file principle. These include the 2021 approval of Bitcoin futures ETFs and the January 2024 approval of Spot Bitcoin ETFs. The same pattern occurred in May 2025 with the approval of Spot Ethereum ETFs.
According to Bloomberg ETF analyst James Seyffart, this trend may continue. He indicated that the SEC is likely to approve all upcoming altcoin ETF applications simultaneously, regardless of which issuers filed first. VanEck, Canary Capital, and 21Shares are also among the first to file for ETFs tied to alternative crypto assets. These include Spot Solana, Spot XRP, Litecoin, and Sui ETFs. The SEC acknowledged the Solana ETF filings from all three issuers on the same day.
Canary Capital was the first to file for both Litecoin and Sui ETFs. The SEC recently delayed its decision on the Sui ETF, consistent with earlier delays on similar products. Despite being early movers, the issuers may again face grouped approvals near the latest possible deadline. The asset managers have not disclosed further actions but remain focused on advancing their ETF applications. The SEC has not issued a formal response to the letter, and no immediate policy change has been announced regarding the approval timeline.
