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SEC Postponed Polkadot and Hedera ETF Decisions
In a recent update, the U.S. Securities and Exchange Commission (SEC) has decided to delay its decision on proposed rule changes that would enable the listing of exchange-traded funds (ETFs) tracking the spot prices of Polkadot and Hedera. The SEC has until June 11 to make a ruling on the request from Nasdaq, which aims to launch the Canary HBAR ETF and convert Grayscale’s Polkadot Trust into an ETF.
The agency also has until June 10 to decide on a similar proposal submitted by the New York Stock Exchange (NYSE) for a Bitwise Bitcoin and Ethereum ETF. These requests are part of a wave of proposed ETFs that aim to track the prices of major altcoins following last year’s successful launch of products monitoring the price of Bitcoin and Ethereum.
As it stands, there are currently 72 crypto-related or crypto-focused ETF applications waiting for SEC approval. This includes potential funds that would monitor Tron’s TRX token, offering staking benefits, as well as ETFs linked to Solana, PENGU, Sui, DOGE, Apots, and others.
Notably, Grayscale has put forward proposals for funds centered around Solana, Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Meanwhile, Bitwise has submitted requests for ETFs tracking DOGE and Apots, as well as several other assets.
The crypto market reacted negatively to the news of the postponement, with Hedera’s price surging by around 5% in a single day, while Polkadot has climbed nearly 7% in the last 24 hours.
In related news, Ethereum is expected to reach $5K before its 10-year anniversary, according to a statement made by Justin Sun.
Source: https://bitcoinik.com/sec-postponed-polkadot-and-hedera-etf-decisions/
