A joint letter from VanEck, 21Shares, and Canary Capital has been sent to SEC Chairman Paul Atkins, urging the agency to reconsider its decision to abandon the "first-to-file" rule for approving new cryptocurrency exchange-traded products (ETPs).
The companies argue that abandoning this rule has caused unfairness and stifled innovation in the market. They point out that when ProShares launched its Bitcoin futures ETF in October 2021, it received a three-day head start over other applicants due to an expedited review process. As a result, ProShares quickly captured almost 90% of the market share.
The companies assert that this is not an isolated incident. When multiple spot Bitcoin ETFs were approved by the SEC in January 2024—despite some having been filed years earlier than others—it exemplifies how abandoning first-in-time approval can benefit larger players at the expense of smaller ones.
A spokesperson from one of the companies involved stated, "We believe that reinstating ‘first-to-file’ would promote competition among issuers," adding that this would ultimately lead to lower prices for consumers. VanEck argues that abandoning first-in-time will lead investors away from ETPs altogether, harming them more than anyone else, while also reducing competition between issuers, which directly impacts prices for consumers.
The fate of this proposal remains uncertain as regulators weigh their options regarding cryptocurrency ETPs and regulatory approvals moving forward.
Fidelity Investments Plans New Bitcoin ETFs
In related news, Bloomberg reported on March 26 that Fidelity Investments plans to launch two spot Bitcoin exchange-traded funds (ETFs) on April 24 after receiving approval from Canadian regulators last week. This move comes as several U.S.-based firms have already launched similar products following changes made by U.S. regulators last year allowing such funds.
According to Bloomberg Intelligence analyst James Seyffart, Fidelity’s move could be seen as an attempt by the asset manager to gain greater traction in Canada’s $2 trillion fund industry. Fidelity plans two spot Bitcoin ETFs: one with no management fees and another with fees ranging between $0.20 to $0.40 per unit per day, depending on assets under management.
However, Seyffart noted that significant hurdles remain before these types of funds can be listed on major U.S. exchanges like NYSE Arca or Nasdaq OMX PHLX LLC. "Regulatory hurdles remain high," Seyffart stated, emphasizing that it will take time before any real traction is seen.
Fidelity declined to comment beyond its statement announcing plans for the new Bitcoin ETF listings next month.
Binance Expands Operations in Asia
In other news, Bloomberg reported that Binance Holdings Ltd., which was forced out of Singapore last year amid concerns over money laundering risks associated with cryptocurrencies, announced it had obtained licenses allowing users based outside mainland China to access certain financial services through partnerships established within Hong Kong SAR territory.
Binance did not provide details about the specific financial services nor whether they are available only through mobile apps or desktop websites. However, sources familiar with the matter indicated that this announcement marks a significant step towards expanding Binance’s reach into the Asia region following its exit from Singapore in late September.
Binance CEO Changpeng Zhao tweeted that the company had secured the necessary licenses to operate legally within Hong Kong SAR territory, where they had been operating virtually without permission since early February, when authorities froze all assets held by Chinese citizens at local banks due to national security concerns.
I’m Mark W. Lamplugh Jr., a visionary Chief Executive Officer, Board Member, and best-selling Author with over 25 years of experience driving significant revenue growth and optimizing ROI across the healthcare, wellness, and media industries. Throughout my career, I’ve consistently transformed underperforming operations into thriving ventures by building top-tier marketing organizations, implementing data-driven strategies, and leading transformational change. My empathetic, collaborative, and adaptable leadership style has allowed me to cultivate inclusive cultures of innovation, develop and retain top talent, and forge strong partnerships that fuel organizational success.
Adept in executive leadership, strategic business planning, and brand and marketing strategy, I have a proven track record of boosting annual revenues—achieving up to $1.3B in oncology over three years and generating $360M in mental health initiatives. My approach combines strategic vision with hands-on execution, as evidenced by my success in launching innovative facilities, expanding services for addiction and mental health care, and enhancing organizational brand visibility. As author of “The AI Marketing Playbook,” I contribute thought leadership on the integration of artificial intelligence in marketing, a role that showcases my commitment to staying at the forefront of industry innovation.
I also bring my insights and expertise to a broad audience as the host of cable tv & global streaming of “Street Level Marketing Show,” while my writing has been featured in major publications such as Entrepreneur, Business.com, The Startup, and Kivo Daily. Whether I’m implementing targeted digital marketing campaigns that engage over a million individuals monthly or overseeing multi-million dollar budgets to maximize return on investment, I approach every challenge with a combination of strategic planning, creative problem-solving, and unwavering dedication. Above all, I am passionate about expanding access to high-quality addiction and mental health care through innovative solutions that drive both patient outcomes and organizational growth.
Mark serves on the board of One World for Life, National Fire Heritage Center, and the Institute for Responder Wellness.
Mark (https://marklamplugh.com) is one of the top marketing executives in the United States and has revolutionized how companies reach potential clients thru influence, SEO, social, PR, and traditional marketing. His expertise in Marketing, Social Media, Digital Marketing, and Public Relations has generated millions of dollars in revenue for several national companies. Mark documents many of his techniques in his book “Beginners Guide to Social & Digital Media.” and “Marketing Playbook for Social Media,” which was named the top 100 social media marketing books of all time by Book Authority. He’s also a professional advocate for the behavioral and mental health of firefighters and other first responders. Marks articles have been published in Better Marketing, Startup Magazine, Social Media Today, Kivo Daily, Biz Catalyst 360, Fire Engineering, Firehouse Magazine, and several others.
One of his companies, niches, are marketing products and services to the public safety industry and their employees, specifically mental & behavioral health services. He can be reached for comment at ceo@influencemediasolutions.com
23,000 #1 Connections, 40,000,000 US B2B Contacts and 300,000,000 B2b/B2C email contacts as well as 1,000,000+ monthly social media reach. https://marklamplugh.com
