Vaneck, 21Shares and Canary invite dry to return to “ first to deposit, first to approve ” standard for crypto ethy

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Three active managers – Vaneck, 21Shares and Canary Capital – have co -signed a letter urging the dry to restore its traditional standard “of the first toe, the first to approve” for products negotiated in exchange.

The letter, published on Vaneck’s official account on June 6, expresses its concerns about the recent departure from its traditional ETP approval in the order in which they were deposited.

The Commission has adopted a simultaneous approval process, which, according to fund managers, disadvantaged small businesses and stifled innovation in the US ETF market of $ 15.4 billions of dollars.

“When the commission plays favorites, it costs sponsor and makes the market andp less equitable,” said companies in their joint letter.

Companies noted the launch of Bitcoin Futures ETF at the end of 2021, where Proshares obtained more than 90% of the market share with only one step ahead of three days.

They also underlined on January 10, 2024, the simultaneous approval of Bitcoin ETPS Spot, where they say that the largest companies have acquired a dominant market share despite the deposit later than others.

“This significant change in regulation of a principle of approval of the first-fichier negatively affects market dynamics in several critical ways,” said the letter. “It encourages replication rather than original innovation, thus discouraging the considerable investment necessary to develop truly innovative products.”

In January 2024, the SEC approved simultaneously the 11 ETF Bitcoin Spot, without taking into account the order in which the issuers had filed their requests.

A few months later, the regulator followed the same approach with FNB Ethereum Spot, granting joint approval to all active deposits, regardless of the time of submission.

Vaneck and 21Shares were among the first companies to deposit for Bitcoin et Ethereum ETHERAs, playing a pioneering role in exposure of digital assets to the American market.

Following these stage approvals, the two companies, as well as Canary Capital, quickly took place to direct the next wave of deposits for Crypto Asset ETF.

Canary Capital, in particular, has made an early push in the Altcoin ETF space, subjecting proposals for a marked Tron ETF, an ETF Cronos and other niche crypto products.

However, despite the first efforts of these issuers, the recent previous precedent suggests that simultaneous approval, rather than first -rate prioritization, could again be the result, if the commission decides Greenlight Crypto ETPS.

In recent weeks, the SEC has delayed decisions on several Altcoin ETF applications, including those linked to Solana, XRP and Litecoin, among others.

The latest projections of Bloomberg Intelligence place the approval ratings for Litecoin and Solana ETF at 90% this year, with ETF XRP not far behind at 85%.

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