The US Securities and Alternate Fee has prolonged its timeline for deciding on proposed exchange-traded funds (ETFs) tied to Polkadot (DOT) and Hedera (HBAR).
In line with regulatory filings posted on April 24, the SEC has pushed the decision deadline to June 11 for Grayscale’s proposal to convert its Polkadot Trust right into a spot ETF and Canary Capital’s plan to listing a spot HBAR ETF.
The company additionally introduced it will delay a decision on Bitwise’s proposed joint Bitcoin (BTC) and Ethereum (ETH) ETF till June 10.
In each filings, the SEC stated it was acceptable to designate an extended review interval to permit for cautious consideration of the proposals and any public feedback acquired.
Regulatory bottleneck
The extensions come because the SEC faces an unprecedented quantity of crypto-related filings. As of this month, the company is reviewing 72 digital asset ETF proposals, together with single-asset, dual-asset, and multi-asset funds tied to a variety of tokens past Bitcoin and Ethereum.
The sharp improve in functions follows final yr’s landmark approvals of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, which opened the door for broader crypto market publicity by way of regulated funding automobiles.
The flurry of recent filings comes amid a notable shift in regulatory posture underneath the Trump administration. Since January, the SEC has rolled again a number of enforcement actions towards crypto companies and launched a collection of public roundtables geared toward updating digital asset coverage.
The subsequent roundtable, scheduled for Friday, will focus on crypto custody frameworks, a key matter for establishments dealing with shopper belongings.
The SEC’s actions are broadly seen as a sign of better openness, although the company stays cautious in evaluating whether or not new crypto merchandise meet investor safety requirements.
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