Exchange-traded funds (ETF) issuer Vaneck, 21shares and Canary Capital, wrote a letter to the U.S. Securities and Exchange Commission (SEC) urging the approval of the “first and document” principle of ETF applications with an order they submitted to the regulator.
The two companies believe that by failing to adhere to the first-to-document principle until the Crypto ETF debuted, the SEC reduced healthy competition and hindered financial innovation, the default process for applying for approval. This letter read:
“Reducing incentives to pioneer product development have a broader impact. It reduces investor choices, harms market efficiency, fundamentally undermines the Commission’s mission to protect investors, maintains fair, orderly and effective markets, and promotes capital formation.”
The letter continues: “U.S.’s global leadership in financial innovation is closely related to regulatory frameworks that actively support and reward entrepreneurship, creativity and real innovation.”
Digital Assets ETF application accelerates After U.S. President Donald Trump took office, asset managers and crypto companies are eager to get approval for new investment vehicles in a bid to regulate the climate in the United States.
Related: Atkins says
SEC delays decisions about Staking, AltCoin ETF as application multiplication
Although institutional interest in AltCoin and Stating ETFs continues to grow, while ETF applications continue to breed, the SEC has delayed its decision on several AltCoin and Crypto-Straining ETFs.
In May, regulators Delay its decision Deadlines for the site Solana listing grayscale (sol) Believe in ETF until October.
SEC officials are the same Delayed approval Ownership and XRP (XRP) The development of ETF in May is not surprising.
Bloomberg ETF analyst James Seyffart postal.
“Almost all of these documents have final dates in October. Early decisions are not beyond the norm,” the analyst wrote.
In addition, the SEC recently responded to the valid registry of the Rex-Osstrey Stobaked ETF, raising concerns about investment tools May not qualify for ETFs Due to the business structure of the basic fund.
Although there are many analysts predict valid registration statements, this leads to delays in ETF launches The imminent signal transmission These investment products.
Magazine: SEC’s turnaround on cryptocurrencies leaves key issues
