On May 22, VanEck's Head of Digital Assets Research, Matthew Sigel, stated that the firm expects to launch its spot Ethereum ETF ahead of competitors. During a discussion hosted by The Block, Sigel mentioned that VanEck was the first to file its S-1 registration statement and anticipates receiving initial feedback and approval first.

Sigel criticized the SEC for not adhering to the traditional first-come, first-served approach, asserting that the agency’s simultaneous approval of all spot Bitcoin ETFs inadvertently favored certain funds, which now have significant assets under management. He urged the SEC to respect the filing order.

Although VanEck does not plan to pursue legal action if their application is rejected, Sigel expects the issue to be resolved through other court proceedings. He also emphasized on X (formerly Twitter) that a first-come, first-served policy helps issuers plan launches and reduces costs associated with extended approval timelines.

The SEC's decision on VanEck’s spot ETH ETF application is expected by May 23, amidst a wave of similar applications. Expectations for approval timelines have shifted, partly due to VanEck’s position. Coinbase's David Han, referencing SEC Commissioner Mark Uyeda, suggested that the SEC need not approve all products simultaneously, hinting at potential anti-first mover biases. Others, like ETF Store President Nate Geraci, speculate that the SEC might prioritize 19b-4 filings over S-1 registration statements, leading to a staggered approval process. Bloomberg analyst James Seyffart noted that even after initial approvals, companies might delay launching ETH ETFs.