{"id":12870,"date":"2025-06-08T04:03:36","date_gmt":"2025-06-08T02:03:36","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12870"},"modified":"2025-06-08T04:03:36","modified_gmt":"2025-06-08T02:03:36","slug":"asset-managers-urge-sec-to-reinstate-first-to-file-principle","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/","title":{"rendered":"Asset Managers Urge SEC to Reinstate &#8220;First-To-File&#8221; Principle"},"content":{"rendered":"<p> &#8220;`html<br \/>\n<\/p>\n<div>\n<div class=\"trusted-editorial-content trusted-editorial-content--top\">\n<div class=\"trusted-editorial-content__text\"><u>Trusted Editorial<\/u> material, assessed by prominent industry specialists and experienced editors. <a href=\"#\" target=\"_blank\">Ad Disclosure<\/a><\/div>\n<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Asset managers VanEck, 21Shares, and Canary Capital have collectively approached the US Securities and Exchange Commission (SEC) requesting the reinstatement of the first-to-file principle, which is a regulatory framework that guarantees the review and approval of exchange-traded product (ETP) applications in the sequence they are submitted. The trio of leading investment firms argues that the Commission\u2019s recent deviation from this standard has hindered innovation and resulted in an unfair competitive environment, among other adverse effects.<br \/><\/span><\/p>\n<h2><strong>SEC\u2019s Transition From \u2018First-To-File\u2019 Principle Indicates Bias: ETF Issuers<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In an <a href=\"https:\/\/x.com\/vaneck_us\/status\/1931038867785744836\" target=\"_blank\" rel=\"noopener nofollow\">email<\/a> sent to SEC Chairman Paul Atkins on June 5, the CEOs of <a href=\"https:\/\/bitcoinist.com\/vaneck-slams-sec-for-delay-on-bitcoin-etf-options\/\" target=\"_blank\" rel=\"noopener \">VanEck<\/a>, 21Shares, and Canary Capital\u2014Jan van Eck, Duncan Moir, and Steven McClurg\u2014articulated significant concerns regarding the Commission\u2019s retreat from the first-to-file principle and the adoption of a simultaneous approval method for new ETP applications. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">The correspondence detailed that the \u201cfirst-to-file\u201d regulation served as a vital cornerstone of equity that nurtured innovation and a first-mover advantage. This approval scheme allegedly fostered a competitive marketplace, enabling smaller asset managers to capture considerable market shares of specific products, thereby enhancing their overall position. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">A passage from the letter states:<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u2026If several sponsors were concurrently pursuing similar concepts, those who filed earlier were prioritized for market approval. This facilitated the growth of the ETP sector to $15.4 trillion in investor assets. Emerging, innovative firms like Wisdomtree have successfully risen to become industry leaders; it\u2019s not merely the established mutual fund corporations that have captured a significant ETP market share.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Nevertheless, the chief executives at VanEck, <a href=\"https:\/\/bitcoinist.com\/dogecoin-etf-bid\/\" target=\"_blank\" rel=\"noopener \">21Shares<\/a>, and Canary Capital assert that the SEC\u2019s transition to a simultaneous approval model, as observed with Bitcoin spot ETFs and Ethereum spot ETFs in 2024, fundamentally undermines the necessity for innovation within the ETP sector. They strongly contend that this strategy implies a bias towards larger asset managers who can easily replicate the products of other firms with confidence in obtaining the same launch timetable from the Commission. <\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">While Van Eck, Moir, and McClurg recognize the potential justifications for simultaneous approval, such as alleviating the workload of the Commission\u2019s personnel, they insist that the \u201cfirst-to-file\u201d principle is crucial for upholding the regulatory integrity of the US ETP market. They call for a prompt return to this governance standard, which they claim will guarantee financial creativity, innovation, and competition.<br \/><\/span><\/p>\n<h2><b>Crypto Market Snapshot<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At the time of this writing, the total cryptocurrency market capitalization is estimated at $3.22 trillion following a 2.41% increase over the past day. Meanwhile, total trading volume currently lies at $109.06 billion.<br \/><\/span><\/p>\n<figure style=\"width: 1563px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/xyAhi1ud\/\" alt=\"SEC\" width=\"1563\" height=\"895\"\/><figcaption class=\"wp-caption-text\">Total crypto market estimated at $3.22 trillion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">TOTAL chart on Tradingview.com<\/a><\/figcaption><\/figure>\n<p>Featured image from iStock, chart from Tradingview<\/p>\n<div class=\"trusted-editorial-content trusted-editorial-content--bottom\">\n\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2025\/02\/safe.png\" class=\"trusted-editorial-content__icon\"\/><\/p>\n<p><strong>Editorial Process<\/strong> for bitcoinist is focused on providing meticulously researched, accurate, and impartial content. We adhere to stringent sourcing criteria, and each page is subject to a thorough review by our team of leading technology experts and seasoned editors. This methodology ensures the integrity, relevance, and value of our content for our audience.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/bitcoinist.com\/asset-managers-sec-revive-first-to-file-principle\/\">Source link <\/a><br \/>\n&#8220;`<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;`html Trusted Editorial material, assessed by prominent industry specialists and experienced editors. Ad Disclosure Asset managers VanEck, 21Shares, and Canary Capital have collectively approached the US Securities and Exchange Commission (SEC) requesting the reinstatement of the first-to-file principle, which is a regulatory framework that guarantees the review and approval of exchange-traded product (ETP) applications in<\/p>\n","protected":false},"author":3,"featured_media":12871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[2666],"class_list":["post-12870","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-asset-managers-push-sec-to-revive-first-to-file-principle-details-gpt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asset Managers Urge SEC to Reinstate &quot;First-To-File&quot; Principle - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Managers Urge SEC to Reinstate &quot;First-To-File&quot; Principle - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"&#8220;`html Trusted Editorial material, assessed by prominent industry specialists and experienced editors. Ad Disclosure Asset managers VanEck, 21Shares, and Canary Capital have collectively approached the US Securities and Exchange Commission (SEC) requesting the reinstatement of the first-to-file principle, which is a regulatory framework that guarantees the review and approval of exchange-traded product (ETP) applications in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/\" \/>\n<meta property=\"og:site_name\" content=\"WSJ-Crypto\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-08T02:03:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/06\/istockphoto-1091776972-640x640-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"wsjcrypto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Scritto da\" \/>\n\t<meta name=\"twitter:data1\" content=\"wsjcrypto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minuti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/\",\"url\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/\",\"name\":\"Asset Managers Urge SEC to Reinstate \\\"First-To-File\\\" Principle - WSJ-Crypto\",\"isPartOf\":{\"@id\":\"https:\/\/wsj-crypto.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/06\/istockphoto-1091776972-640x640-1.jpg\",\"datePublished\":\"2025-06-08T02:03:36+00:00\",\"author\":{\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7\"},\"breadcrumb\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/#breadcrumb\"},\"inLanguage\":\"it-IT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/#primaryimage\",\"url\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/06\/istockphoto-1091776972-640x640-1.jpg\",\"contentUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/06\/istockphoto-1091776972-640x640-1.jpg\",\"width\":768,\"height\":432,\"caption\":\"SEC\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/08\/asset-managers-urge-sec-to-reinstate-first-to-file-principle\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wsj-crypto.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Asset Managers Urge SEC to Reinstate &#8220;First-To-File&#8221; 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