SEC Postpones Polkadot and Hedera ETF Approvals as Applications Surge
The post SEC Postpones Polkadot and Hedera ETF Approvals as Applications Surge appeared on BitcoinEthereumNews.com.
According to documents released on April 24, the regulator postponed its decision on a proposal from Grayscale to convert their Polkadot Trust, as well as an application from Canary to list the HBAR ETF until June 11. The decision deadline was originally set to expire at the end of this week. In addition, the SEC postponed the decision on Bitwise’s Bitcoin and Ethereum-ETF to June 10. Reasons for the postponement and current context “The Commission believes it is appropriate to designate a longer period for action on the proposed rule change, subject to Amendment No. 1, to allow sufficient time to consider the proposed rule change and the issues it raises,” the HBAR filing said. Applications for the Grayscale Polkadot Trust and Canary HBAR ETFs were filed in February as the companies sought to launch various cryptocurrency ETFs in an environment that was expected and appeared to be more crypto-industry friendly by the SEC. Since Trump took office as president in January, the SEC has shown openness to the crypto industry through public roundtables, while also halting several lawsuits against crypto companies. The next roundtable is scheduled for Friday and will focus on crypto asset custody. Under former SEC Chairman Gary Gensler, the agency approved the listing of spot bitcoin-ETFs in January 2024 and spot Ethereum-ETFs later in July, following a decisive court ruling initiated by Grayscale. What this means for the market Another delay in crypto-ETF decisions underscores the regulator’s cautious approach despite the new political climate. An expanded lineup of cryptocurrency ETFs could open up additional opportunities for institutional investors and potentially lead to an influx of new capital into altcoins. Many analysts note that the emergence of the Polkadot and Hedera ETFs will be an important precedent that could pave the way for ETFs based on other altcoins. However, the application process…
Filed under: News - @ April 26, 2025 4:19 pm