VanEck plans to be the first spot issuer of the ETH ETF and is opposed to simultaneous approval.
Matthew Sigel, head of digital asset research at VanEck, said: May 22nd The company should be able to launch a spot Ethereum ETF before its competitors.
In a conversation hosted by The Block, Sigel said VanEck was the first to file an S-1 registration statement and was “fully expecting” to receive comments and “go first.”
SEC Shouldn’t Pick Winners
“Before the U.S. government began picking winners on an unprecedented scale, it made sense to submit first,” Sigel argued. He added:
“…We urge the SEC to respect the queue.”
Sigel said the SEC’s decision to approve all spot Bitcoin ETFs simultaneously did not prevent certain funds from “picking winners” as they now have significant assets under management (AUM) despite simultaneous approval. pointed out.
Sigel said he does not expect VanEck to act as a plaintiff or defendant if the SEC denies the motion, but he expects the matter to be resolved through other court proceedings.
Siegel said A separate X post explained how a first-come, first-served approach helps publishers plan product launches. Additionally, if early filers have to wait for approval, they will have to update their applications to fit a longer timeline and spend more on fees and legal fees.
VanEck decision is due May 23
The SEC is due to make a decision on VanEck’s application for a spot ETH ETF on May 23. This is the first of several similar applications due for a decision. For reasons related to VanEck’s position, expectations regarding the approval timeline have recently changed.
Coinbase institutional research analyst David Han argued that the SEC does not necessarily have to approve products simultaneously, citing SEC Chairman Mark Uyeda’s claim on May 15 that the SEC disguised its anti-preemption intent. I did.
Some have suggested extending the approval process for reasons other than Sigel’s claims. ETF Store President Nate Geraci said The SEC may first approve 19b-4 filings and then gradually respond to S-1 registration statements.
Bloomberg ETF analyst James Seyffart believes companies may not launch ETH ETFs for a few more weeks after initial 19b-4 approval.
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