VanEck Matthew Sigel, Director of Digital Assets Research said: May 22 It is important that the company can launch its Ethereum ETF ahead of competitors.
Sigel stated that VanEck filed its S-1 Registration Statement first in a discussion hosted by The Block. “fully expects”To receive feedback and “go first.”
SEC must not select winners
Sigel asserted that Sigel was the first to file. “used to mean something before the US government started picking winners at an unprecedented scale.”He also added:
“… We would urge the SEC to respect the queue.”
Sigel noted that the SEC’s decision to simultaneously approve all spot Bitcoin ETFs failed to prevent it from “choosing winners,”The simultaneous approvals have led to significant asset under management for certain funds.
Sigel stated that VanEck did not anticipate acting as either a plaintiff, or defendant in the event the SEC rejected its application. Instead, VanEck expects to be resolved by other legal proceedings.
Sigel said In a separate X posting, it was stated that a “first-come-first-served” approach helped issuers to plan their product launches. In addition, early filers who are required to wait until approvals have a greater need to spend on legal and cost fees.
VanEck decision due May 23
The SEC must decide on VanEck’s spot ETH ETF application on May 23. It is one of several applications that are due to be decided. Expectations around approval timelines have recently shifted for reasons related to VanEck’s stance.
Coinbase David Han, Institutional Research Analyst asserted on May 15 Mark Uyeda a SEC Commissioner, claiming that SEC covered up its intentions to be anti-first movers.
Some have suggested a prolonged approval process for reasons distinct from Sigel’s argument. ETF Store’s Nate Geraci said The SEC can first approve the 19b-4 documents, and then respond gradually to S-1 statements.
James Seyffart of Bloomberg ETF believes that after the initial 19b-4 approvals companies might not launch ETH ETFs until weeks later.
This post is about VanEck intends to be first spot ETH ETF issuer, argues against simultaneous approvals The first time that appeared on CryptoSlate.
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