Dear Reader, it seems the U.S. Securities and Exchange Commission (SEC) has decided to play the part of a most reluctant suitor, pausing several crypto exchange-traded fund (ETF) proposals and leaving the market in a state of delightful anticipation.
According to the latest filings, the SEC, ever the master of suspense, is delaying its decision on three ETF proposals, including the whimsical Dogecoin, the enigmatic Hedera, and the adventurous Avalanche. One can only imagine the SEC commissioners, sipping their afternoon tea, pondering the fate of these digital darlings.
The ETFs, filed by the illustrious Bitwise, Grayscale, and VanEck, aim to launch spot ETFs backed directly by DOGE, HBAR, or AVAX. If approved, these ETFs would offer investors a regulated path to the assets, a prospect that has been the talk of the town. However, the SEC, in its infinite wisdom, has decided that more time is needed to assess the proposals, citing concerns around investor protection and market integrity. How terribly considerate of them!
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the releases read, with all the drama of a Victorian novel. “Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
While not an outright rejection, the SEC’s move has certainly thrown a wrench into the industry’s expectations. Bloomberg analyst James Seyffart, who had previously placed the odds of approval for each of the assets at a rather optimistic 75% to 80%, must now be feeling like a character in a Shakespearean tragedy, his predictions dashed by the SEC’s sudden change of heart.
The regulatory decision has, of course, sent ripples through the market, dampening investor sentiment and triggering a sell-off across the three tokens. AVAX, the most dramatic of the trio, recorded the biggest loss, falling 12.5% from around $21.25 to $18.60 in a matter of hours. HBAR, not to be outdone, followed with an 11.5% slide, dropping from $0.1708 to $0.1512. Even DOGE, the least affected of the three, shed 10.2% from $0.1906 to $0.1711. While all three tokens have shown minor recoveries since the initial dip, they remain in the red, a testament to the uncertainty that now looms over ETF approval.
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2025-06-13 09:52