Quick Breakdown
- The SEC extended decision deadlines for the Canary PENGU ETF and T. Rowe Price Active Crypto ETF.
- A proposal to list options on Grayscale’s Crypto 5 ETF has entered the public comment phase.
- The filings highlight regulators’ cautious approach to crypto products beyond Bitcoin and Ether.
The US Securities and Exchange Commission has pushed back its decision on two crypto-related exchange-traded fund proposals, while opening a public comment period on options linked to a separate digital asset ETF.
In Federal Register filings released Monday, the regulator extended its review timeline for rule changes that would allow the Canary Pudgy Penguins (PENGU) ETF to list on Cboe BZX and the T. Rowe Price Active Crypto ETF to trade on NYSE Arca.
The extensions were made under the SEC’s standard 19b-4 process, which gives the agency up to 45 additional days to assess issues such as market integrity, investor protection and the risk of price manipulation. The move does not signal approval or rejection, but reflects heightened scrutiny as ETF proposals move beyond Bitcoin-only exposure.
NFT exposure tested as crypto options move forward
Canary’s proposed PENGU ETF would track the Pudgy Penguins ecosystem, a well-known NFT brand, making it one of the most unconventional crypto ETF filings the SEC has reviewed so far. Approval would mark a notable expansion into meme- and NFT-linked assets within traditional investment products.
Meanwhile, the T. Rowe Price Active Crypto ETF aims to offer actively managed exposure to a range of digital assets beyond Bitcoin and Ether, signalling growing interest from established asset managers in broader crypto strategies.
In a separate filing, NYSE American submitted a proposal to list options on the Grayscale CoinDesk Crypto 5 ETF, which tracks an index of Bitcoin, Ethereum, XRP, Solana, and Cardano. That proposal has now entered the public comment stage, allowing investors and market participants to weigh in on whether such options meet regulatory standards.
If approved, the options would expand hedging and leverage tools for multi-asset crypto ETFs, an area dominated by Bitcoin- and Ether-based derivatives. Meanwhile, Grayscale rolled out spot ETFs for XRP and DOGE, further solidifying its leadership in the digital-asset fund market.
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