VanEck Head of Digital Assets Research Matthew Sigel said on May 22 that the firm should be able to launch its spot Ethereum ETF before competitors.In a conversation hosted by The Block, Sigel said that VanEck was the first to file its S-1 registration statement and “fully expects” to receive comments and “go first.”Sigel argued that filing first “used to mean something before the US government started picking winners at an unprecedented scale.” He 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,” as certain funds now have significant assets under management (AUM) despite the simultaneous approvals.Sigel said VanEck does not expect to act as a plaintiff or defendant if the SEC rejects its application but expects other court proceedings to resolve the matter.Sigel said in a separate X post that a first-come, first-served approach helps issuers plan product launches. Furthermore, if early filers are forced to wait for approvals, they must update their applications for a longer timeline and spend more on costs and legal fees.The SEC must decide on VanEck’s spot ETH ETF application on May 23. This is the first of several similar applications due for a decision. Expectations around approval timelines have recently shifted for reasons related to VanEck’s stance.Coinbase Institutional Research Analyst David Han asserted on May 15 that the SEC does not necessarily need to approve products simultaneously, citing SEC Commissioner Mark Uyeda, who alleged the SEC disguised its anti-first mover intentions.Some have suggested a prolonged approval process for reasons distinct from Sigel’s argument. ETF Store President Nate Geraci said the SEC could approve 19b-4 filings first, then gradually respond to S-1 registration statements.Bloomberg ETF analyst James Seyffart believes that, following initial 19b-4 approvals, companies may not launch ETH ETFs for weeks or more.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Catch the latest in crypto by following us on X. Stay informed on the go.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
