Those who provided funds exchanged by Exchange (ETF) Vaneck, 21shares and Canary Capital sent a letter to the US Securities and Exchange Commission (SEC) that urged the return to the “first-to-file” principle of approval of ETF applications in the order submitted to the regulator.
Companies have argued that by failing to fulfill the first-to-file principle, the default process for application approval until the crypto ETF debut, the SEC reduces healthy competition and prevents financial modern. The letter Reading:
“Decreased incentives for developing a pioneer product have greater implications. It reduces investor’s choice, compromise market efficiency, and starts the commission’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitating capital development.”
“The U.S.’s continued global leadership in financial change is deeply connected to regulatory frameworks that actively support and reward entrepreneurship, creativity, and real change,” the letter continued.
Digital Asset Accelerated ETF filings Following the inauguration of US president Donald Trump, as asset managers and crypto companies are in a hurry to get approved for new investment vehicles in expecting a more friendly US regulating climate.
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The SEC has delayed staking decisions, Altcoin ETF as the applications are increasing
Although the institution’s interest in Altcoin and the ETF staking continues to grow and ETF filings continue to increase, the SEC has delayed its decision on many ETFs of Altcoin and crypto-staking.
In May, the regulator postponed its decision DEADLINE TO LISTING GRASSCALE’S SPOT SOLANA (Sol) Trust ETF until October.
SEC officials also approval is delayed of staking and XRP (XRP) ETFS In May, a development that is not surprising to analysts.
“The SEC usually takes full time to respond to a 19b-4 filing,” Bloomberg ETF’s analyst James Seyffart wrote on a May 20 x Post.
“Almost all of these files have a final due date in October. The first decisions are not in the standard,” the analyst wrote.
In addition, the SEC recently responded to effective registration statements for rex-osprey staked ETFs, which raised concerns that investment vehicles may not qualify as ETFs Due to the business structure of the underlying fund.
This has led to a delay in launching the ETF despite many analyst forecasts that effective registration statements already signed up to a close launch of these investment products.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
