Crypto ETF Creators Fight for Fairness: Will the SEC Listen?

In a move that’s almost as dramatic as a reality TV breakup, VanEck, 21Shares, and Canary Capital decided it was time to write a heartfelt letter to Uncle Sam’s Securities and Exchange Commission (SEC). Apparently, these three financial wizards want to turn back the clock and bring back the “first-to-file, first-to-approve” rule for crypto ETFs. Because nothing says ‘innovative finance’ like arguing over who got there first, right? 📝

The letter, proudly posted on VanEck’s official X account (yes, that’s still a thing), whines about how the SEC has been handing out crypto ETF approvals like free samples at Costco—multiple at once. Instead of following the noble tradition of honoring the order of application submissions, the SEC has decided to play favorites. Which, shockingly, benefits the big players and leaves the smaller fish flopping around in the tank. “When the Commission plays favourites,” the letter claims, “it costs ETP sponsors money and makes the market less fair.” Because nothing screams fairness like a giant corporation dominating the crypto playground while the smaller startups get shoved into the sandbox corner. 🏖️

Remember back in 2021 when ProShares launched the first Bitcoin futures ETF? They swooped in slightly earlier and, boom, 90% market share. That’s not competition; that’s an early bird catching most of the worm. And just to keep things interesting, in January 2024, the SEC dropped a bombshell—approving 11 spot Bitcoin ETFs all at once. Because why not? After all, why let the little guys shine when you can have a crypto fireworks display? 🎆

The letter also mourns the death of innovation, claiming this new approval method encourages copycats instead of fresh ideas. Apparently, if filing early no longer pays off, firms will just stop trying to come up with new products. Which, frankly, sounds like a pretty good reason for everyone to just give up and go home. The SEC also approved Ethereum ETFs around the same time as Bitcoin, but the trio of fund managers, eager as always, filed for their own Ethereum and Bitcoin products early on. Unfortunately, they got grouped in with the late bloomers, like a teenager in the wrong lunch line.

Meanwhile, Canary Capital is busy preparing a lineup of altcoin ETFs—because who doesn’t want to invest in TRON and Cronos? The SEC, however, has decided to play hard to get, dragging its feet on Solana, XRP, and Litecoin ETFs. According to some fancy analysts (think of them as the financial equivalent of crystal ball gazers), these altcoins have about a 90% shot at approval—unless, of course, the SEC sticks to its current approval party line, in which case everyone’s back to square one, waiting anxiously in the digital cafeteria. 🍽️

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2025-06-06 23:35