ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals
CointelegraphFriday, June 6, 2025 at 9:34:11 PM
A group of ETF (exchange-traded fund) issuers is pushing back against recent changes in how the SEC approves new funds. They’ve sent a letter arguing that the agency’s move away from the "first-to-file" system—where the earliest applicants get priority—is discouraging innovation and unfairly benefiting slower, less-prepared filers. Essentially, they’re saying the old way kept everyone on their toes, and the new approach risks letting some players coast.
Editor’s Note: This might sound like inside baseball, but it’s a big deal for investors and the ETF market. The "first-to-file" rule used to create a race to launch the best products, which could mean more choices and better deals for everyday people. If the SEC’s shift slows things down or favors bigger, slower-moving firms, it could mean fewer innovative funds hitting the market—or worse, a system that rewards bureaucracy over competition. It’s a fight about fairness, speed, and who gets to shape the future of investing.
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