SEC Urged to Ditch Bureaucratic Bottlenecks—Return to ‘First to File, First to Serve’ Model

Regulators face mounting pressure to streamline crypto approvals—before the industry bypasses them entirely.

Wall Street’s favorite speed bump? Paperwork. Meanwhile, decentralized networks process billions without permission. Ironic, isn’t it?

VanEck, 21Shares, and Canary have all signed a letter requesting that the SEC return to the 'first to file, first to approve' standard which was the standard before the Bitcoin and ethereum ETF launches https://t.co/d427axOXdC

— James Seyffart (@JSeyff) June 6, 2025

Can’t tell you how much I love this letter to SEC from VanEck, Canary, & 21Shares…

Was complete travesty how spot BTC & eth ETFs came to market.

Set bad precedent.

Messaged to larger issuers to just copy innovative ETF filings from smaller issuers & SEC WOULD batch approve. https://t.co/fLFEN1tyHO

— Nate Geraci (@NateGeraci) June 6, 2025

It's time for the @SECGov to end Gary Gensler's anti-American, pro-incumbent nonsense.

Restore first to file!@HesterPeirce https://t.co/K6BV9JhqBT

— matthew sigel, recovering CFA (@matthew_sigel) June 7, 2025