VanEck, 21Shares, and Canary are raising concerns over changes in the SEC's ETF review procedures.
They argue that the recent shift in approach may disadvantage smaller or newer firms, leading to market consolidation and limited room for competition.
The firms stress the importance of fairness in ETF approvals for fostering a diverse and competitive ecosystem, especially in the crypto asset space.
VanEck, 21Shares, and Canary are urging the SEC to recalibrate its ETF review process to ensure equal footing for all applicants, aiming to prevent discouragement of innovation and reduction of investor choice in the market.