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The U.S. Securities and Exchange Commission (SEC) has hit the pause button on several crypto exchange-traded fund (ETF) proposals, putting approval in doubt.<\/p>\n
According to filings<\/a> published this week, the SEC is delaying its decision for three ETF proposals, including Dogecoin, Hedera, and Avalanche.<\/p>\n The ETFs, filed respectively by Bitwise, Grayscale, and VanEck earlier this year, aim to launch spot ETFs backed directly by DOGE (DOGE),\u00a0 HBAR (HBAR), or AVAX (AVAX), which would offer investors regulated access to the assets if approved.<\/p>\n <\/p>\n However, the SEC stated<\/a> it needs more time to assess the proposals. Citing concerns around investor protection and market integrity, the regulatory commission noted it is opening proceedings to allow for further analysis of whether the ETFs meet legal standards.<\/p>\n \u201cInstitution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,\u201d the releases<\/a> read. \u201cRather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.\u201d<\/p>\n<\/blockquote>\n While not an outright rejection, the SEC\u2019s move contrasts sharply with industry expectations. Earlier this week, Bloomberg analyst James Seyffart placed odds of approval for each of the assets around 75% to 80%, fueled by reports of positive engagement among the commission and issuers.\u00a0<\/p>\n\n