Member of Congress Calls for FTC Antitrust Probe Into Trading Card Grading Industry, What It Means for CardRevive and Collectors Everywhere

In a major development for the trading card community, Member of Congress Pat Ryan has formally called on the Federal Trade Commission to launch an antitrust investigation into Collectors Holdings, the company behind the dominant grading firms in the industry.

The December 19, 2025 letter to FTC Chair Andrew Ferguson outlines serious competition concerns tied to Collectors’ acquisition strategy and the implications could be far-reaching for collectors, small businesses, card shops, and independent graders alike.

Why This Matters

As the founder and operator of CardRevive, an independent submission, card restoration and middle man grading services business, I’ve seen firsthand how grading power dynamics can shape the market for better and for worse.

In his letter, Representative Ryan makes several points that echo concerns many of us have raised privately for years:

• Collectors could control more than 80% of the grading market if its purchase of Beckett is allowed to finalize.

• The consolidation of PSA, SGC, and Beckett under one umbrella raises flags about reduced competition and fewer alternatives for consumers.

• The letter questions whether past assurances of independence particularly after acquisitions were upheld in good faith.

According to the filing, the FTC should investigate issues like monopolization, serial acquisition strategies, regulatory evasion, erosion of competition, barriers to entry, pricing coordination, and market manipulation.

What the FTC Investigation Request Highlights

Ryan’s letter cites multiple concerns that could impact the entire ecosystem:

🧩 Market Control

With PSA holding roughly 72% of grading volume, SGC at 8%, and Beckett around 3%, the combined market share under Collectors crosses the 80% threshold a concentration that historically triggers regulatory scrutiny across industries.

🔍 Competition Impacts

The letter points to the steep drop in SGC’s volume after its acquisition, suggesting that “independence” promises may not yield sustained competition particularly when resources and capacity are redirected.

⚖️ Vertical Integration & Influence

Collectors’ control over grading, pricing analytics (through CardLadder), and secondary markets creates a deeper level of influence that could disadvantage independent service providers and small shops including labor mobility challenges for professional graders.

Why This is Good News for CardRevive and Cardholders

For years, CardRevive has championed choice, transparency, and access in card grading. This public push for regulatory review aligns with our mission to ensure:

✔ More competitive options exist for collectors and sellers

✔ Pricing and turnaround times remain fair and transparent

✔ Skilled graders have freedom and opportunity

✔ Independent businesses can thrive without overwhelming barriers to entry

Ryan’s letter could open the door for a landmark FTC review that not only examines past deals, but also shapes the future of how grading services operate and compete.

What Comes Next?

An FTC investigation doesn’t happen overnight, and its scope is still unfolding but this is a pivotal moment for the hobby. If the Commission decides to act, it may:

✨ Force structural changes in the industry

✨ Block or unwind certain acquisitions

✨ Issue new guidelines on acquisitions and competition

✨ Protect independent grading services like CardRevive

As the events unfold, CardRevive will continue advocating for fairness, transparency, and a thriving competitive marketplace where collectors and small businesses alike have meaningful alternatives.

Stay Tuned

We’ll be following this story closely and delivering updates as the FTC responds. If you care about the future of grading, market fairness, and sustainable competition, this is one to watch.

📣 Have thoughts on the FTC investigation or what this means for your card portfolio? Drop them in the comments below.