ETF Issuers Urge SEC for First-To-File Reinstatement

Nut Graph: The SEC’s decision on ETF processing could reshape cryptocurrency market dynamics significantly.

VanEck, Canary Capital, and 21Shares jointly urged the SEC to restore the first-to-file system for ETF approvals. They argued predictable timelines favor early applicants bearing higher initial costs. The letter, sent on June 5, 2025, specifically mentioned pending Solana ETFs.

The letter emphasized that the simultaneous approval method deprives early filers of competitive advantages. This change could affect current and future Solana ETF proposals and stakeholder strategies. Canary Capital wants predictable approval timelines for better market planning.

Restoring the approval order could impact investment strategies and market positioning for Solana, Bitcoin, and Ethereum, altering fund allocation plans. Meanwhile, markets like Tron have emerging filings, indicating active diversification by leading crypto ETF issuers.

James Seyffart, Analyst, Bloomberg, states, “If we’re gonna see early approvals from the SEC on any of these assets — I wouldn’t expect to see them until late June or early July at absolute earliest […] More likely to be in early 4Q.”

Analysts remain cautious about the timeline for SEC approvals. Bloomberg’s James Seyffart warns early decisions aren’t expected before late Q4 2025. Strategic allocations and investor anticipation might remain subdued until regulatory clarity.

In the longer term, a return to the first-to-file approach would benefit companies with innovative filing strategies. Historical patterns suggest first-movers often achieve commanding market presence and could significantly affect fund size and liquidity. This dynamic reflects industry-wide appetites for competitive advantage and regulatory insights.

Jan van Eck, CEO, VanEck, remarked:

“We believe reinstating the first-to-file queue system is crucial for providing a predictable and competitive review timeline for ETF applications.”