VanEck and other ETF issuers sent letters urging the US SEC to approve them in the order of application."
According to online reports, according to Cointelegraph, ETF issuers VanEck, 21Shares and Canary Capital wrote to the U.S. SEC, urging the restoration of the "first application" principle and approval of ETF applications in the order in which they are submitted to regulators. The companies argued that the SEC failed to adhere to the "first-to-file principle"(the default application approval process before crypto ETFs go public), thereby weakening healthy competition and hindering financial innovation.
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