The company would lengthen the deadline to June 11 to rule on Grayscale’s bid to transform its Polkadot Belief and Canary’s proposal to record a Hedera (HBAR) ETF.
A separate delay was additionally introduced for the Bitwise Bitcoin and Ethereum ETF, now pushed to June 10.
The delays come because the SEC, below new Chair Paul Atkins, faces a backlog of greater than 70 crypto ETF filings.
The US Securities and Trade Fee has pushed again its choices on crypto ETF proposals tied to Polkadot and Hedera, amid a broader wave of purposes awaiting regulatory readability.
The company stated Thursday it might lengthen the deadline to June 11 to rule on Grayscale’s bid to transform its Polkadot Belief and Canary’s proposal to record a Hedera (HBAR) ETF.
It was beforehand anticipated to be determined by the tip of this week. A separate delay was additionally introduced for the Bitwise Bitcoin and Ethereum ETF, now pushed to June 10.
In its submitting, the SEC cited the necessity for “adequate time to think about the proposed rule change and the problems raised therein.”
Over 70 ETFs await approval
The delays come because the SEC, below new Chair Paul Atkins, faces a backlog of greater than 70 crypto ETF filings.
Purposes vary from main altcoins like XRP, Solana, and Litecoin to meme coin-themed and leveraged merchandise.
Analyst Eric Balchunas referred to as the ETF queue “wild,” noting the inclusion of all the pieces from “Penguins, Doge, and 2x Melania.”
Atkins, a former commissioner with sturdy ties to Wall Avenue, was confirmed on April 21 after a contentious Senate vote.
Performing Chair Mark Uyeda had held off on main rulings, with insiders saying a scarcity of everlasting management froze progress.
Underneath Gary Gensler, the SEC accredited spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, following a courtroom choice favoring Grayscale.
Since President Donald Trump started his second time period in January, the SEC has signaled a extra crypto-friendly stance, internet hosting trade roundtables and dropping a number of lawsuits towards crypto companies.
One other roundtable, centered on crypto custody, is ready for Friday.
BTC ETFs present sturdy demand
Spot Bitcoin ETFs within the US have staged a outstanding comeback, pulling in $936.43 million in web inflows on Tuesday, April 22—marking their strongest single-day efficiency since mid-January, in accordance with SoSoValue information.
That momentum held into the subsequent day, with one other $916.91 million in inflows logged on April 23.
BlackRock’s iShares Bitcoin Belief (IBIT) was the clear frontrunner, drawing $643.16 million, adopted by Ark & 21Shares’ ARKB, which introduced in $129.5 million.
The surge extends a four-day streak of inflows topping $100 million—a sample final seen in late January, throughout a earlier wave of institutional enthusiasm.
The sharp uptick follows a lull in ETF exercise that had raised doubts in regards to the sturdiness of institutional curiosity.
Nevertheless, the current rebound has confirmed consequential, coinciding with Bitcoin’s surge previous the $90,000 stage.
