SEC Delays Determination on Grayscale’s Hedera Belief as Agency Updates Bitcoin Money, Litecoin Filings – Decrypt

The SEC has pushed again its determination on Nasdaq’s bid to checklist the Grayscale Hedera Belief because the funding agency filed up to date registrations for its Bitcoin Money and Litecoin trusts.

The SEC is designating November 12 as the brand new deadline, in keeping with an order on Grayscale’s Hedera Belief printed Tuesday.

On the identical day, Grayscale submitted registration statements for its Bitcoin Money Belief and Litecoin Belief, each of which had been filed on Type S-3 as current autos that already report back to the SEC.

Financial institution of New York Mellon is listed as administrator, whereas Coinbase will function custodian and prime dealer. Each funds are structured to checklist on NYSE Arca.

Individually, Grayscale has filed a Type S-1 for the Hedera Belief, marking its preliminary registration with the SEC on the identical day. The S-1 outlines a brand new product that may commerce beneath the ticker HBAR, contingent on Nasdaq’s pending rule-change request to allow its itemizing.

Underneath U.S. securities legislation, the SEC usually has 180 days to determine on a proposed change rule change, however can add one other 60 days, typically to evaluate feedback or amendments earlier than making a closing determination.

The most recent delay is a part of a broader sample.

Earlier in August, the SEC exercised its closing procedural extension on pending Solana ETF purposes, pushing the deadline to October 16.

The fee determined it could want extra time to evaluate the Cboe BZX proposals from Bitwise and 21Shares, in addition to different filings from Canary Funds and Marinade Finance.

Earlier than August ended, over 90 crypto ETF purposes had lined up for SEC motion, spanning merchandise tied to Bitcoin, Ethereum, Solana, XRP, and different digital property.

Most are clustered round deadlines set by fall, elevating the prospect of a number of rulings in fast succession because the Fee weighs how far to increase approvals past Bitcoin and Ethereum, which had been authorized final 12 months.

“Property with near-term ETF product choices typically command premium pricing on the open market,” Lionel Iruk, managing associate at Empire Authorized, mentioned in a press release shared with Decrypt.

An ETF wrapper “unlocks greater than recent liquidity for digital property,” he mentioned. “It supplies the compliance, custody, and transparency frameworks that conventional traders typically require earlier than making any funding determination.”

Such a construction “amplifies their enchantment past the crypto-native viewers,” he mentioned, including that the enchantment of crypto ETFs is anchored on their “potential transition from speculative enthusiasm to structured, regulated choices that meet institutional requirements.”