In a move to promote fairness and stimulate market growth, three leading financial firms—VanEck, 21Shares, and Canary Capital—have formally contested the evolving approach of the U.S. Securities and Exchange Commission (SEC) regarding the approval of cryptocurrency exchange-traded funds (ETFs). The firms believe that a more equitable approach to ETF approvals will benefit the entire market, allowing for increased investment opportunities and enhanced market confidence.

The challenge comes amidst ongoing scrutiny and debates over regulations concerning the burgeoning crypto market. With more financial entities entering the space, the call for transparency and fairness in regulatory processes is growing stronger.