VanEck head of Digital Assets Research Matthew Sigel said further May 22nd that the company should be able to launch its spot Ethereum ETF before competitors.
In a conversation hosted by The Block, Sigel said VanEck was the first to file its S-1 registration statement and “fully expects” to receive comments and “be first to go.”
SEC is not allowed to pick winners
Sigel argued that filing first “used to mean something before the U.S. government started picking winners on an unprecedented scale.” He added:
“… We urge the SEC to respect the queue.”
Sigel noted that the SEC’s decision to approve all spot Bitcoin ETFs simultaneously failed to “pick winners” as certain funds now have significant assets under management (AUM) despite the simultaneous approvals.
Sigel said VanEck does not expect to serve as a plaintiff or defendant if the SEC denies his filing, but expects other legal proceedings to resolve the matter.
Sigel said in a separate X-post that a first-come, first-served approach helps issuers plan product launches. Additionally, if early filers are forced to wait for approval, they will have to update their applications for a longer timeline and spend more on fees and legal fees.
VanEck decision on May 23
The SEC is scheduled to rule on VanEck’s spot ETH ETF application on May 23. This is the first of a number of similar applications for which a decision must be made. Expectations surrounding approval timelines have shifted recently for reasons related to VanEck’s position.
Coinbase Institutional Research Analyst David Han claimed on May 15 that the SEC does not necessarily have to approve products at the same time, citing SEC Commissioner Mark Uyeda, who claimed the SEC was concealing its anti-first mover intentions.
Some have suggested a lengthy approval process for reasons different from Sigel’s argument. ETF Store President Nate Geraci said the SEC could first approve 19b-4 filings and then gradually respond to S-1 registration statements.
Bloomberg ETF analyst James Seyffart believes that companies may not launch ETH ETFs for weeks or more after the initial 19b-4 approvals.
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