The agency will extend the deadline until June 11th to control the Grayscale bid to list the Polka Dot Trust and Canary proposals hedera (hbar) etf. Another delay was also announced for Bitwise Bitcoin and Ethereum ETFs, which were pushed until June 10th. The delay faces a backlog of over 70 Crypto ETF filings under new chair Paul Atkins.
The Securities and Exchange Commission has pushed back decisions regarding cryptographic ETF proposals related to Polkadot and Hedera, amid a wider application awaiting regulatory clarity.
The agency said Thursday that it would extend the deadline until June 11th to govern Grayscale’s bid to translate Canary’s proposal to list Polkadot Trust and Canary’s Hedera (HBAR) ETFs.
Previously, it was expected to be decided by the end of this week. Another delay was also announced for Bitwise Bitcoin and Ethereum ETF, pushed on June 10th.
In its submission, the SEC cited the need for “sufficient time to consider the proposed rules changes and the issues raised therein.”
Over 70 ETFs awaiting approval
The delay will be due to the backlog of over 70 Crypto ETF filings under new Chair Paul Atkins.
Applications range from major Altcoins such as XRP, Solana, and Litecoin to leveraged Meme Coin-themed products.
Analyst Eric Balknath calls ETF queues “wild” and includes everything from “Penguin, Doge, 2x Melania.”
Atkins, a former commissioner with strong ties to Wall Street, was confirmed on April 21st after a controversial Senate vote.
Acting Chairman Mark Ueda had refrained from major rulings, but insiders had said that a permanent lack of leadership had frozen progress.
Under Gary Gensler, the SEC approved the Spot Bitcoin ETF in January 2024 and the Ethereum ETF to Spot in July, following a court ruling in favour of Grayscale.
Since President Donald Trump launched his second term in January, the SEC has taken a more encryption-friendly stance, hosting industry roundtables and withdrawing several lawsuits against crypto companies.
Another roundtable focused on cipher custody is set for Friday.
BTC ETFs show strong demand
According to data from SOSOValue, the US Spot Bitcoin ETF made an astonishing comeback, winning a net inflow of $936.43 million on Tuesday, April 22nd.
That momentum was held the following day, with an additional $916.91 million recorded on April 23.
BlackRock’s Ishares Bitcoin Trust (IBIT) was a clear forward, withdrew $643.16 million, followed by ARKB from ARK & 21 Shares, bringing $199.5 million.
Surge extends a four-day influx streak of $100 million. This is the last pattern seen in late January in the past wave of institutional enthusiasm.
The sharp rise follows a lull in ETF activities that have questioned the durability of institutional benefits.
However, recent rebounds have been proven as a result, consistent with a surge in Bitcoin beyond the $90,000 level.
