VanEck intends to be first spot ETH ETF issuer, argues against simultaneous approvals VanEck intends to be first spot ETH ETF issuer, argues against simultaneous approvals
The SEC is due to approve or reject the firm's ETF application on May 23.
2 min read
Updated: May. 23, 2024 at 1:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.”
SEC should not pick winners
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.
VanEck decision due May 23
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.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.