ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals

Issuers argue that the SEC’s decision to move away from the first-to-file system is detrimental to competition and innovation in the financial markets. They believe it compromises the SEC’s mission to protect investors and maintain fair markets.

The letter stresses that a robust regulatory framework is vital for fostering entrepreneurship and sustaining the US’s global leadership in financial innovation, especially in rapidly evolving sectors like cryptocurrency and ETFs.