Multiple ETF issuers have written to the SEC requesting the restoration of the "first-come" principle for encryption ETF approvals.

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 they are submitted to the regulatory agency. These companies argue that the SEC has failed to adhere to the “first-come, first-served principle” (the default application approval process for encryption ETFs before listing), thereby undermining healthy competition and hindering financial innovation.