VanEck and three other institutions sent a letter to the SEC, calling for the restoration of the "first-come, first-served" mechanism for ETF approvals

It has been learned that VanEck, 21Shares, and Canary Capital sent a letter to SEC Chairman Paul Atkins, urging the restoration of the "first-come, first-served" approval mechanism. They criticized the SEC for not processing approvals for spot Bitcoin and Ethereum ETFs in the order of application, leading to resources being concentrated among large institutions, which harms market fairness and competition.