Crypto ETFs: VanEck 21Shares Push SEC

VanEck, 21Shares, and Canary Capital Challenge SEC’s Approval Process

• VanEck, 21Shares, and Canary Capital have urged the SEC to revert to a ‘first-to-file, first-to-approve’ standard for crypto ETP approvals.
• The current simultaneous approval process is reported to stifle innovation and disadvantage smaller ETF firms.
• The SEC approved all 11 spot Bitcoin ETFs simultaneously on January 10, 2024.
• This approach has favored larger firms with dominant market shares despite later filings.
• Bloomberg Intelligence projects a high approval likelihood for Litecoin (90%) and Solana (90%) ETFs this year.

The simultaneous approval of crypto ETPs by the SEC has been criticized for disadvantaging smaller firms and discouraging innovation. VanEck, 21Shares, and Canary Capital advocate for a return to the ‘first-to-file’ system.