NewsletterBreaking: US SEC Delays Decision On Polkadot & Hedera ETFs
Highlights
- The US SEC delayed its decision on Grayscale's Polkadot ETF and Canary Hedera ETF ahead of the second deadline tomorrow.
- The next deadline for a decision on these funds is September 9th.
- The final deadline is on November 8th.
The US Securities and Exchange Commission (SEC) has released a statement on the Polkadot and Hedera ETFs ahead of the second deadline for these funds. The Commission has called for more comments on the filings and has, in the process, delayed its decision to approve or deny these applications.
US SEC Delays Polkadot & Hedera ETFs
A SEC release has shown that the Commission has delayed its decision on Canary Capital’s Hedera ETF filing. This comes ahead of the second deadline, which is tomorrow. Instead of approving or denying this fund, the agency has called for additional comments related to the application.
Similarly, the SEC has also delayed its decision on Grayscale’s Polkadot ETF filing ahead of the second deadline tomorrow. The third deadline for these funds is September 9, while the fourth and final deadline is November 8.
Bloomberg analyst James Seyffart has predicted that the Commission is unlikely to approve these crypto ETFs until the fourth quarter of this year. This means that the agency will likely wait until the final deadline to approve these Polkadot and Hedera ETFs.
It is worth mentioning that Grayscale is the only asset manager that has filed to offer a Polkadot ETF. Meanwhile, Canary Capital and Grayscale are the only two ETF issuers that have filed for an HBAR ETF. However, Canary filed its application before Grayscale. The second deadline for Grayscale’s ETF comes up on June 15, and the SEC is likely to also delay its decision on this fund.
Canary Capital, alongside Van ECK and 21Shares, recently urged the SEC to reinstate the ‘first-to-file’ approval principle for ETF filings. These crypto ETF issuers argued that it would ensure a vibrant and competitive financial marketplace.
The Commission has yet to respond to the letter. However, if the SEC agrees, this would mean that Canary could get a head start over Grayscale with its Hedera ETF.
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