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Nasdaq Pushes for Canary HBAR ETF amid Rising Demand for Cryptocurrencies

Nasdaq has applied to the U.S. Securities and Exchange Commission (SEC) to list the Canary HBAR ETF, therefore providing investors with controlled access to the native cryptocurrency, HBAR. This action marks a change in regulatory attitude on cryptocurrency investments and fits a larger wave of altcoin ETF ideas. The SEC is under increasing pressure to sanction more digital asset funds as institutional interest rises, possibly changing the market.

Nasdaq Asks SEC Approval for Canary HBAR ETF Listing

Nasdaq Pushes for Canary HBAR ETF, officially applying to the SEC to list the ETF and grant investors controlled access to HBAR, reflecting growing institutional interest in digital assets.

Filings for Crypto ETF Soar

Originally applying in November, Canary Capital, the asset management behind the planned ETF, The fund tracks HBAR’s performance so that investors may use a regulated financial product to expose to Hedera’s distributed ledger technology. Before trading starts, the SEC has to check over and approve the application.

Legal Changes and Market Anticipations

Particularly after legislative changes under the current U.S. government, the SEC’s attitude on cryptocurrency ETFs has changed significantly. Two fresh crypto index ETFs joined the market in February: the Nasdaq Crypto Index US ETF (NCIQ) from Hashdex and Franklin Templeton’s fund holding both Bitcoin and Ether. Reflecting a shifting regulatory environment, analysts project additional approvals in the not-too-distant future.

While Litecoin and Solana ETFs have much better odds—estimated at 90% and 70%, respectively—Bloomberg Intelligence has pegged the likelihood of an XRP ETF approval at 65%. With no formal estimate yet given, the likelihood of an HBAR ETF approval is still unknown.

The Prospect of Crypto ETFs

Under former regulatory leadership, the SEC launched several legal cases against crypto companies over claimed securities law violations and opposed broad expansion of crypto ETF alternatives. But the licensing of spot Bitcoin and Ether ETFs in 2024 marks a turning point; the agency is now under increased demand to approve other altcoin-based vehicles.

Should Nasdaq’s application for the Canary HBAR ETF be accepted, more general institutional acceptance of cryptocurrency investment products could follow. Expected in the next months are regulatory decisions; thus, market players are attentively observing how the SEC will negotiate this fast-changing terrain.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
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