On June 5, 2025, asset management firms VanEck, 21Shares, and Canary Capital submitted a joint letter to the U.S. Securities and Exchange Commission (SEC), urging the reinstatement of the 'first-to-file' review process for exchange-traded product (ETP) applications. This system would prioritize applications based on their submission dates, granting early filers a potential market advantage.

The firms contend that the SEC's recent practice of granting concurrent approvals undermines the incentives for early filing. They argue that simultaneous approvals favor larger issuers with extensive distribution networks, potentially stifling competition and innovation within the market. The letter specifically references the approval of Solana (SOL) ETF filings, emphasizing that reinstating the first-to-file principle would not cause foreseeable inequities. 

Historically, the SEC adhered to a queue-based review system, as evidenced in October 2021 when the ProShares Bitcoin Futures Fund received a brief head start, capturing over 90% of the market share. However, subsequent approvals, such as those for spot Bitcoin and Ethereum ETFs on January 10, 2024, were granted concurrently to multiple applicants, irrespective of their initial filing dates. The asset managers assert that this shift disadvantages early filers who incur higher legal and compliance costs and discourages original research and early risk-taking. 

The letter emphasizes that reinstating the first-to-file…