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VanEck, 21Shares, and Canary Capital have jointly requested the SEC to reinstate a queue-based review system for ETF approvals, arguing that concurrent approvals disadvantage early filers. The firms emphasize the need for predictable timelines to maintain a competitive financial marketplace. Their appeal highlights concerns over regulatory fairness and market integrity.
- VanEck, 21Shares, and Canary Capital argue that concurrent ETF approvals strip early filers of their first-mover advantage, which traditionally offsets higher compliance costs.
- The firms highlight that deviations from the queue system began in 2021, with ProShares Bitcoin Futures Fund gaining a three-day head start and dominating market share.
- The letter warns that the current approach favors larger issuers, discourages original research, and creates an uneven playing field for smaller sponsors.
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