Three major ETF issuers have written to the SEC requesting the restoration of the "first-come, first-served" principle for encryption ETF applications.

According to reports, ETF issuers VanEck, 21Shares, and Canary Capital have written to the US SEC urging the restoration of the “first-come, first-served” principle, advocating for approvals in the order that ETF applications are submitted to the regulatory body. These companies argue that the SEC has failed to adhere to the “first-come, first-served principle” (the default application approval process prior to the listing of encryption ETFs), thereby undermining healthy competition and hindering financial innovation.