Securities and Exchange Commission Delays Rulings on HBAR and DOT ETF Proposals; Analysts Maintain Positive Outlook

The U.S. Securities and Exchange Commission (SEC) has once again extended the approval timeline for the Canary HBAR ETF and the Grayscale Polkadot (DOT) ETF, pushing the decision to November 8. This marks the third delay for both ETFs, as the SEC continues to work on finalizing its updated generic ETF listing standards.

The SEC's cautious approach is a reflection of its effort to ensure regulatory alignment as crypto products see massive adoption. The regulated futures markets support DOT and HBAR, increasing their chances of approval if the SEC maintains the same approach it used for Bitcoin and Ethereum.

The delay in approving these ETFs has been linked to the ongoing work on the generic listing rules. The SEC is collaborating with major exchanges like Nasdaq, NYSE, and CBOE BZX to finalize these rules. The Financial Industry Regulatory Authority (FINRA) and the New York Stock Exchange (NYSE) have also supported the SEC in this endeavour.

As of last week, James Seyffart, a senior analyst at Bloomberg, stated that the HBAR and DOT ETFs, along with others, are "pretty much ready to go" in the next couple of months. The market caps, 24-hour volumes, and 24-hour volatilities for HBAR are $9.52 billion, $196.42 million, and 2.5%, respectively, while DOT stands at $6.11 billion, $320.17 million, and 0.6%.

Crypto analysts are optimistic about the potential impact of ETF approval on the prices of HBAR and DOT. If the ETFs are approved, analysts forecast over 100% upside for DOT and HBAR, with potential targets of $0.50 and even $1 for DOT. On Monday, DOT recorded a 4% daily gain, trading around $4, and saw a 233% surge in its 24-hour trading volume.

Market analysts remain optimistic about the approval of the HBAR and DOT ETFs, with Bloomberg's senior analysts maintaining a 90% likelihood of near-term approval. The potential approval of these ETFs could trigger the next altseason, as investors flock to these cryptocurrencies in anticipation of increased liquidity and institutional investment.

As the SEC works towards finalizing the generic listing rules, the crypto community eagerly awaits the decision on the Canary HBAR and Grayscale Polkadot ETFs. The approval of these ETFs could mark a significant milestone in the mainstream adoption of cryptocurrencies.