The US Securities and Exchange Commission (SEC) has extended its review period for two crypto-related exchange-traded funds (ETFs), Canary Pudgy Penguins (PENGU) and T. Rowe Price Active Crypto ETF. Both proposals entered the standard 19b‑4 process, which allows the agency to extend the decision window by up to 45 days to further evaluate market structure, investor protections, and potential manipulation risks.
In a separate filing, NYSE American opened a public comment period for proposed standardized options on the Grayscale CoinDesk Crypto 5 ETF, which tracks a five-asset index including Bitcoin, Ethereum, XRP, Solana, and Cardano. Approval of these options would introduce additional hedging and leverage tools to a derivatives market historically concentrated in blue-chip cryptocurrencies. Market participants are invited to submit feedback on whether the options comply with Exchange Act standards for fair and orderly markets, along with safeguards against fraud and manipulation.
The SEC’s staggered approach highlights the agency’s cautious stance toward expanding crypto-related ETFs and derivatives beyond established digital assets. While delays do not signify rejection, they underscore the need for comprehensive risk assessment amid growing institutional interest in multi-asset and NFT-linked products.
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