Launchy Regulatory Roundup #40 - Crypto Funds Push SEC to Restore First-to-File ETF Rule

The Most Crypto-Friendly US State | Switzerland OKs Crypto Tax Data Sharing

Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
June 08, 2025

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Good Morning.

Welcome to our 40th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

Headline: Crypto Funds Push SEC to Restore First-to-File ETF Rule 🥊
Global Legal Roundup: Switzerland OKs Crypto Tax Data Sharing 🇨🇭
Case Study: The Most Crypto-Friendly State 🇺🇲

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HEADLINE

Crypto Funds Push SEC to Restore First-to-File ETF Rule

State of play: VanEck, 21Shares, and Canary Capital have urged the SEC to reinstate the “first-to-file” approval process for ETFs, where product applications are approved in the order they are received.

They argue that approving multiple spot Bitcoin ETFs simultaneously despite staggered filings creates unfairness, market concentration, and reduced innovation.
The firms claim this undermines investor choice and market efficiency.
The SEC is currently reviewing many ETF applications, including those for SOL, XRP, and DOGE.

What’s Next: The outcome could influence not only how quickly new crypto ETFs enter the market but also set a benchmark for transparency and competition in digital asset regulation.

Why it Matters: Reinstating a first-to-file system could enhance transparency and predictability, giving early applicants a clearer pathway while reducing concerns about perceived favoritism.

However, rigid adherence to filing order may also limit the regulator’s flexibility to assess products holistically, potentially slowing innovation

Our Take: As the crypto ETF landscape matures, regulatory clarity and consistency will play a key role in fostering investor confidence and sustaining market development.

GLOBAL LEGAL ROUNDUP

America:

🇺🇲 Coinbase, BiT Global end legal fight over WBTC delisting.
🇺🇲 US Fed's new supervision chief will wield crypto authority.
🇺🇲 WLFI hits Magic Eden with cease-and-desist over crypto wallet plans.
🇺🇲 White House crypto chief met with El Salvador’s Bukele to discuss Bitcoin.

Europe:

🇬🇧 UK regulator FCA to lift ban on crypto ETNs for retail investors.
🇨🇭 Switzerland greenlights sharing crypto tax info with 74 nations.
🇪🇺 Europe gears up to regulate DeFi in 2026 as MiCA leaves sector in limbo.

APAC:

🇭🇰 Hong Kong set to allow crypto derivatives trading.
🇸🇬 Singapore confirms near-ban on foreign-only digital token services.
🇰🇷 South Korea elects crypto-friendly Lee Jae-myung as new president.
🇰🇷 Hashed CEO appointed chief policy officer at Korea's presidential office.

CASE STUDY

The Most Crypto-Friendly State

State of play: New Hampshire tops the list of the most crypto-friendly states in the US, scoring 71.22 out of 100 in a study by ASICKey.

Its advantages include a 0% capital gains tax, a permissive regulatory environment, and a dense network of crypto businesses and ATMs.
New Hampshire has 4.4 businesses and 9.3 ATMs per 100,000 people.
Despite higher electricity costs and limited Bitcoin mining, these factors have made it an attractive hub for crypto investors and startups.
Wyoming ranks second with the highest blockchain job density, low electricity costs, and minimal regulations.
Nevada, Texas, and Alaska complete the top five with strengths in business adoption, mining, or blockchain jobs and favorable taxes.

Our Take: New Hampshire’s top spot shows that favorable tax policies and supportive regulation attract crypto businesses despite higher costs.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇

NOTEWORTHY READS & MEME

Project Glitch’s read on crypto politics vs crypto policy.
DEF’s read on Blockchain Regulatory Certainty Act (BRCA).
Nick Neuman’s thread on the Blockchain Regulatory Certainty Act (BRCA).

DEAN: What's the tariff on bananas?
LUTNICK: Generally 10%
DEAN: Walmart has already increased the cost of bananas by 8%
LUTNICK: If you build in America, there is no tariff
DEAN: We cannot build bananas in America
— Aaron Rupar (@atrupar)
4:53 PM • Jun 5, 2025

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.