US SEC Delays Canary HBAR and Grayscale Polkadot ETF, Here’s Why
Highlights
- US SEC delays decision on Canary HBAR and Grayscale Polkadot (DOT) ETFs.
- The SEC focuses on announcing the Generic Listing Standards for spot crypto ETFs before removing any altcoin ETF.
- HBAR and DOT prices continue upside momentum despite delay in ETF approvals.
The U.S. Securities and Exchange Commission has delayed the approval of two more altcoin exchange-traded funds (ETFs), according to the official filings. This time, the decision on Canary HBAR and Grayscale Polkadot (DOT) was extended by the regulator, raising speculation in the broader crypto community.
US SEC Extends Timeline to Approve Canary HBAR ETF
The SEC designated a longer waiting period for the Canary spot HBAR ETF and the Grayscale Polkadot ETF, according to the latest filing. Bloomberg analysts maintained 90% odds of approval of the ETF by the government agency.
Nasdaq filed to list and trade the Hedera ETF tracking spot HBAR price on February 21, with an amendment replacing the original application filed on March 4. Weeks later, the spot HBAR ETF was published on March 13, starting the 180-day period for the SEC to deny or approve the ETF.
The SEC has already delayed the Canary spot HBAR ETF’s approval in April and June, seeking further comments on whether to list and trade shares under Nasdaq’s commodity-based trust shares rule.
The commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. This makes November 8 the final date for the SEC to approve or deny the ETF.
HBAR price jumped 1% in the last 24 hours, with the price currently trading at $0.2206. The 24-hour low and high are $0.2174 and $0.2222, respectively.
SEC’s Decision on Grayscale Polkadot ETF
The SEC also extended the timeline for approving the Grayscale Polkadot ETF to November 8. The commission has delayed the ETF two times in April and June, similar to HBAR ETFs.
The agency finds it appropriate to designate a longer period to approve or deny under the Nasdaq proposed rule change. It needs sufficient time to consider approval of an ETF related to altcoins under the proposed rule change.
Notably, the SEC is silently working with exchanges on the Generic Listing Standards for spot crypto ETFs. As first reported by CoinGape, Nasdaq, NYSE, and CBOE BZX made amendments to remove “excluded commodities” from the definition of “commodity” in the listing standard.
DOT price is up nearly 4% at $4.03 at the time of writing. The intraday low and high are $3.85 and $4.08, respectively. Furthermore, trading volume has massively increased by 225% over the last 24 hours.
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