information based on the website materials - By Coindoo.com
In a letter published by Bloomberg analyst James Seyfarth, concerns are raised about changes in the SEC's ETF review procedures.
VanEck, 21Shares, and Canary argue that the agency has recently deviated from this approach, putting smaller or newer companies at a competitive disadvantage.
The letter emphasizes the growing risk of market consolidation, where dominant players may monopolize early market share in ETFs, leaving limited space for competition and innovation.
Industry concerns about market fairness
In their message to SEC Chairman Paul Atkins, the companies argue that this evolving methodology risks slowing ETF market growth and deterring potential participants. They emphasize that fairness in ETF approval is vital for fostering a diverse and competitive ecosystem, especially in the rapidly expanding crypto asset space.
VanEck, 21Shares, and Canary urge the SEC to reconsider the ETF review process to ensure a level playing field for all applicants, regardless of size or market history. They warn that without such adjustments, the current situation could hinder innovation and reduce investor choice in the cryptocurrency ETF market.
Their call reflects broader industry frustration and may shape future discourse around the regulation of cryptocurrency financial products in the United States.
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