PANews reported on June 7 that according to Cointelegraph, ETF issuers VanEck, 21Shares and Canary Capital wrote to the US SEC, urging it to restore the "first-to-file" principle and approve ETF applications in the order they are submitted to the regulator. These companies argued that the SEC failed to comply with the "first-to-file principle" (the default application approval process before crypto ETFs are listed), thereby weakening healthy competition and hindering financial innovation.