SEC'S DELAYS CONTINUE
The SEC has once again postponed the listing applications of cryptocurrency funds based on Polkadot (DOT) and Hedera (HBAR). Recently, the agency has been frequently delaying its decisions regarding cryptocurrency exchange-traded fund (ETF) requests. This situation brings back the concerns of cryptocurrency investors regarding regulations. According to official statements made on Thursday, the SEC has extended the decision date for Grayscale's proposal to convert the Polkadot Trust into an ETF and Canary's HBAR ETF listing proposal to June 11. Initially, an evaluation report regarding these applications was expected this week.
EVALUATION PROCESS EXTENDED
At the same time, the evaluation dates for Bitcoin and Ethereum ETF applications submitted by Bitwise have also been postponed to June 10. In its statement regarding the Hedera application, the SEC stated, “The Commission finds it appropriate to set a longer period to act on the proposed rule change in order to have adequate time to assess the issues arising from the proposed rule change amended by Change No. 1.” This approach clearly reflects the agency's intention to conduct a thorough review before approving new cryptocurrency products.
Recently, companies have been making efforts to launch cryptocurrency ETF options based on different assets to attract investor interest. During the tenure of former SEC Chairman Gary Gensler, the agency approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July after a significant court ruling that resulted negatively against Grayscale. The current delays reveal that the regulatory processes for altcoin-focused ETFs exhibit different dynamics compared to spot Bitcoin and Ethereum ETFs.
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