VanEck head of digital asset research Matthew Sigel said in twitter.com/TheBlock__/status/1793300038522691643″>May 22nd that the company should be able to launch its ethereum spot ETF before its competitors.
In a conversation hosted by The Block, Sigel said VanEck was the first to file its S-1 registration statement and “fully expects” to receive feedback and “go first.”
The SEC shouldn't pick winners
Sigel argued that filing first “used to mean something before the US government started picking winners on an unprecedented scale.” He added:
“…We urge the SEC to respect the queue.”
Sigel noted that the SEC's decision to simultaneously approve all bitcoin spot ETFs failed to prevent it from “picking winners,” as certain funds now have significant assets under management (AUM) despite the simultaneous approvals.
Sigel said VanEck does not expect to serve as a plaintiff or defendant if the SEC rejects his request, but hopes that further court proceedings will resolve the matter.
sigel twitter.com/matthew_sigel/status/1793312308850024863″>saying in a separate x post that a first-come, first-served approach helps issuers plan product launches. Additionally, if early applicants are forced to wait for approvals, they will have to update their applications over a longer period of time and spend more on legal fees and costs.
VanEck's decision will be issued on May 23
The SEC is due to decide on VanEck's eth ETF spot application on May 23. This is the first of several similar applications that must be decided. Expectations about approval timelines have changed recently for reasons related to VanEck's stance.
Coinbase institutional research analyst David Han stated on May 15 that the SEC does not necessarily need to approve products simultaneously, citing SEC Commissioner Mark Uyeda, who alleged that the SEC hid its anti-first intentions.
Some have suggested a lengthy approval process for reasons other than Sigel's argument. Nate Geraci, President of the ETF Store twitter.com/NateGeraci/status/1792330334169903568″>saying the SEC could first approve 19b-4 filings and then gradually respond to S-1 registration statements.
Bloomberg ETF analyst James Seyffart believes that following the initial 19b-4 approvals, companies may not launch eth ETFs for weeks or longer.
The post VanEck Intends to Be First eth ETF Spot Issuer, Argues Against Simultaneous Approvals appeared first on CryptoSlate.
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