ETF issuers jointly sent a letter to the SEC calling for the restoration of the "first-come, first-served" approval principle for encryption ETFs.

According to reports, ETF issuers VanEck, 21Shares, and Canary Capital have written to the U.S. SEC urging the restoration of the “first-come, first-served” principle, to approve ETF applications in the order submitted to the regulatory agency. These companies argue that the SEC has failed to adhere to the “first-come, first-served” principle (i.e., the default application approval process before the listing of encryption ETFs), thereby undermining healthy competition and hindering financial innovation.