VanEck, 21Shares, and Canary Call on SEC for Fairer ETF Approval Process

The letter, made public by Bloomberg analyst James Seyffart, raises concerns over changes in the SEC’s ETF review procedures.

VanEck, 21Shares, and Canary argue the agency has recently shifted away from this approach—putting smaller or newer firms at a competitive disadvantage.

The letter specifically calls out the growing risk of market consolidation, where dominant players could monopolize early ETF market share, leaving limited room for competition and innovation.

Industry Concern Over Market Fairness

In their message to SEC Chairman Paul Atkins, the firms contend that this evolving methodology risks stalling ETF market growth and deterring potential entrants. They stress that fairness in ETF approvals is vital to fostering a diverse and competitive ecosystem, especially in the rapidly expanding crypto asset space.

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A Call to Action

VanEck, 21Shares, and Canary are urging the SEC to recalibrate its ETF review process to ensure equal footing for all applicants, regardless of size or market history. Without such adjustments, they warn, the current environment may discourage innovation and reduce investor choice in the crypto ETF market.

Their appeal reflects broader industry frustration and could shape future discourse around crypto financial product regulation in the United States.

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