ETF Firms Push SEC for Fair Review Process
The Essentials at a Glance
Several providers of exchange-traded funds (ETFs) are urging the U.S. Securities and Exchange Commission (SEC) to return to the proven “first-to-file” procedure. This process stipulates that applications are reviewed in the order in which they are received. According to critics, the SEC’s current practices favor large market participants and hinder smaller providers and innovation. Despite regulatory hurdles, data from Polymarket shows growing investor confidence regarding the approval of crypto ETFs, particularly for Ripple (XRP), Solana (SOL), and Litecoin (LTC).
Why ETF Providers Are Criticizing the SEC
ETF providers such as VanEck, 21Shares, and Canary Capital have jointly approached the SEC. Their request: a return to the “first-to-file” principle, which was once standard before the emergence of crypto ETFs. The companies argue that the current process stifles innovation and distorts competition. Instead of reviewing applications chronologically, the SEC increasingly decides on multiple applications simultaneously—regardless of submission date.
The providers see this as a clear disadvantage for smaller market participants. In a letter to the SEC, they state that the approach “undermines market efficiency, limits investor choice, and contradicts the agency’s core mission.”
What Does “First-to-File” Mean?
The “first-to-file” principle means that applications are processed in the order they are submitted. Whoever submits an ETF application first will also be reviewed first. This procedure promotes competition by creating incentives for early innovation. The SEC’s current practice of approving multiple applications at once removes this incentive. Large providers with more resources benefit disproportionately as a result.
Which ETFs Are Being Discussed?
Currently, the focus is on spot ETFs for cryptocurrencies such as Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC). Spot ETFs directly track the price of the underlying cryptocurrency—as opposed to futures ETFs, which are based on futures contracts. In early 2024, the SEC approved several spot Bitcoin ETFs for the first time. Now, pressure is mounting to also approve altcoin ETFs.
Market Sentiment According to Polymarket
Polymarket, a prediction market platform, shows an optimistic stance among investors. According to current data, the probability of a Ripple ETF being approved in 2025 is 89%. For Solana, the figure is 76%, and for Litecoin, 70%. Even Dogecoin and Cardano reach 52% and 42%, respectively. These figures suggest growing confidence in a regulatory opening.
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Political Influence on the SEC?
A possible change in government in the U.S. could influence regulatory practices. Observers speculate that a Trump-aligned administration might be more inclined to approve crypto products. This could further increase pressure on the SEC to reintroduce fair and innovation-friendly procedures.
Our Assessment
The criticism from ETF providers toward the SEC is understandable. A transparent and chronological review process strengthens competition and fosters innovation. For you as an investor, this means more choice and fairer market conditions. The rising probability of altcoin ETFs shows that the market is ready—now it’s up to the SEC to set the right course. We’re closely monitoring developments and will keep you informed.
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