VanEck, 21Shares, and Canary Press SEC for Fairness in Crypto ETFs

• Crypto ETFs call for return to registration order
• Smaller companies hurt by simultaneous SEC approvals
• VanEck and 21Shares lead calls for altcoin ETFs

Three major asset managers — VanEck, 21Shares and Canary Capital — have formally asked the SEC to return to the traditional “first-to-file, first-to-approve” policy for crypto ETFs. The request was made in a joint letter, released by VanEck on X on June 6, following recent decisions by the regulator that the firms say favored large market participants over innovation.

According to the signatories, the change in the simultaneous approval procedure has negatively impacted the US ETF industry, an estimated $15,4 trillion market. The letter argues that this model penalizes smaller companies, even when they were early adopters. “When the Commission favors sponsors, it costs ETP sponsors money and makes the ETP market less fair,” the companies said.

SEC favoritism undermines innovation in the ETF market. pic.twitter.com/HM7P2Dm0XP

— VanEck (@vaneck_us) June 6, 2025

The most cited example in the document is the Bitcoin futures ETF, launched in 2021. ProShares quickly captured more than 90% of the market by obtaining approval just three days before other competitors. Another notable case was the joint approval of 11 spot Bitcoin ETFs in January 2024, where larger companies gained ground even though they filed their applications last.

The managers say the SEC’s current practice encourages copying of existing products rather than fostering the development of truly innovative solutions. Canary Capital, for example, is seeking to lead the altcoin ETF sector, with proposals for funds tied to TRON, Cronos and other specific cryptocurrencies.

Despite these institutions’ initial efforts, recent trends suggest that new applications — such as those for ETFs tied to Solana, XRP and Litecoin — could follow the same pattern of simultaneous approval. According to Bloomberg Intelligence, the chances of approval this year are high: 90% for Solana and Litecoin, and 85% for XRP.