Wall Street’s Wild Gamble: Canoney ETF Reading the Crypto Skies?

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In a curious dance reminiscent of the absurdity of life itself, the respectable US securities exchange, Nasdaq, humbly lays its head at the feet of regulatory permission, petitioning for the noble right to list a shiny new exchange-traded fund (ETF) dedicated to the Hedera Network’s digital marvel, HBAR (HBAR). Ah, what tales these filings could tell! 📜

This endeavor arrives amid a torrent of similar applications flooding the gates of the US Securities and Exchange Commission, those guardians of financial propriety, as various exchanges and asset managers scramble like frightened mice seeking refuge behind the banner of “altcoins.” Who knew the cryptocurrency world could be so… theatrical? 🎭

Yet, like diligent jesters lest they offend royal sensibilities, the SEC must sift through these requests with the careful precision of a librarian sorting through a chaotic collection of manuscripts before trading can commence. One can almost hear the sighs of exasperation echoing through the marble halls of bureaucracy.

Back in the hazy month of November, the doughty folks at Canary Capital bravely filed their request with the SEC, yearning to unveil the awe-inspiring Canary HBAR ETF—an ingenious contraption aimed at granting investors a taste of the essence that is HBAR. Yes, the very soul of Hedera’s illustrious hashgraph distributed ledger, a concoction as complex as it is enticing.

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A litany of crypto ETF filings

Ah, but our story does not end here! Founded in the fateful year of 2017, Canary appears to be on a crusade, endeavoring to unfurl ETFs bearing the banners of other valiant altcoins—such as Solana (SOL), Litecoin (LTC), and even the whimsically popular XRP (XRP). This cavalcade of filings showcases the fervor with which love-crazed asset managers pursue the affections of the SEC, for perhaps they believe that riches await just beyond the regulatory horizon. 🌅

Still, the waiting game continues, as issuers clamor for SEC approval of proposed amendments that might allow for staking, options, and in-kind redemptions—little morsels of financial innovation dangled like carrots before a ravenous donkey.

It appears the SEC has deemed it prudent to recalibrate its perspective on cryptocurrency since the arrival of President Donald Trump’s much-anticipated second term. In this ideological tempest, two crypto index ETFs sprang forth in February, leading analysts to clutch their crystal balls and predict an avalanche of forthcoming ETF approvals in 2025. Or perhaps they just need a good fortune teller? 🔮

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Recent developments reveal Franklin Templeton, an asset manager enveloped in the mist of financial ambition, launched its ETF, boasting a dual identity of both spot Bitcoin and Ether—fancy that! This was only the second crypto index ETF to make its market debut after Hashdex took the plunge with its Nasdaq Crypto Index US ETF (NCIQ) on February 14. What a delightful spectacle—equity and cryptocurrency entwined in a most unexpected waltz.

In a turn that harkens to a game of chance, Bloomberg Intelligence has bravely placed its bets, setting the XRP ETF approval odds at a daring 65%. The odds for Litecoin and Solana approvals appear even more promising, perched high at 90% and 70% respectively. However, the elusive HBAR still hovers in limbo with no odds yet determined—how thrilling! 🎰

The former reign of President Joe Biden saw the SEC unleash a torrent of lawsuits against crypto firms, charging them with an array of alleged misdeeds under securities law—a veritable tsunami of legalese. Meanwhile, in 2024, the SEC took a bold step forward, giving the green light to spot Bitcoin (BTC) and Ether (ETH) ETFs, fortifying its armor against the whimsical charms of other cryptocurrencies.

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2025-02-24 21:18