Key Notes
- The SEC extended the approval timelines for HBAR and DOT ETFs to November 8.
- This marks the third delay for both ETFs.
- Analysts expect these ETFs to be approved soon as SEC finalizes generic listing standards for spot crypto ETFs.
The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on two altcoin exchange-traded funds (ETFs): Canary HBAR and Grayscale Polkadot (DOT).
As per the latest filing, the regulator extended the period to approve or disapprove both ETFs by an additional 60 days, setting November 8 as the new deadline.
Analysts speculate that the SEC may be holding off on new approvals until it launches the updated generic ETF listing standards.
The SEC had previously delayed approval of the Canary spot HBAR ETF twice, in April and June, seeking more feedback. The ETF was originally proposed by Nasdaq in February and began its 180-day review period on March 13.
Similarly, the Grayscale Polkadot ETF has been pushed back twice before, now also extended to November 8.
Approval Odds and Market Reactions
Despite the delays, market analysts remain optimistic. Bloomberg’s senior analysts maintain a 90% likelihood of ETF approval in the near term.
Last week, James Seyffart stated that HBAR
HBAR
$0.22
24h volatility:
2.3%
Market cap:
$9.52 B
Vol. 24h:
$166.97 M
and DOT
DOT
$4.04
24h volatility:
4.6%
Market cap:
$6.16 B
Vol. 24h:
$441.26 M
ETFs, along with others, are “pretty much ready to go” in the next couple of months.
DOT and HBAR are supported by regulated futures markets, which increases their chances of approval if the SEC maintains the same approach it used for Bitcoin
BTC
$112 077
24h volatility:
0.9%
Market cap:
$2.23 T
Vol. 24h:
$27.61 B
and Ethereum
ETH
$4 330
24h volatility:
0.6%
Market cap:
$522.77 B
Vol. 24h:
$19.36 B
.
Crypto analysts are forecasting over 100% upside, with potential targets of $0.50 and even $1 if the ETF gets approved.
On the other hand, DOT has recorded a 4% daily gain on Monday, trading around $4. The cryptocurrency has seen a 233% surge in its 24-hour trading volume.
Generic Listing Standards Underway
The SEC’s delay is believed to be linked to its ongoing collaboration with major exchanges like Nasdaq, NYSE, and CBOE BZX to finalize generic listing rules for new crypto ETFs. ETF Institute co-founder, Nate Geraci, expects the rules to be finalized by early October.
The SEC’s cautious approach suggests its effort to ensure regulatory alignment as crypto products see massive adoption.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/sec-pushes-back-decisions-on-hbar-and-dot-etfs-analysts-remain-optimistic/
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