SEC Delays PENGU and T. Rowe Crypto ETFs as Grayscale Seeks Options Approval

Source: CryptoNewsNet Original Title: SEC delays PENGU and T. Rowe crypto ETFs as Grayscale seeks options green light Original Link: https://cryptonews.net/news/legal/32261430/ The US Securities and Exchange Commission (SEC) extended its decision deadline on two crypto-related exchange-traded funds (ETFs), while opening a comment window on options tied to a third in three separate filing decisions released Monday.

In separate Federal Register notices, the SEC designated a longer period to consider proposed rule changes that would allow the listing of the Canary Pudgy Penguins (PENGU) ETF on Cboe BZX and the T. Rowe Price Active Crypto ETF on NYSE Arca.

Both filings fall under the SEC’s standard 19b‑4 process, which lets it extend the initial decision window by up to 45 days while it evaluates market structure, investor protection and manipulation concerns.

SEC Weighs Canary PENGU and T. Rowe ETFs

Canary’s PENGU ETF seeks exposure to the Pudgy Penguins ecosystem, a prominent nonfungible token (NFT) collection, making it one of the more unconventional crypto‑related ETF proposals currently in front of the SEC. It is a test of how far the agency is willing to go in allowing meme and NFT‑adjacent exposure in an ETF wrapper.

The T. Rowe Price Active Crypto ETF is an actively managed vehicle that would invest in a diversified basket of digital assets beyond Bitcoin (BTC) and Ether (ETH), bringing a traditional mutual fund brand deeper into multi-asset crypto strategies.

The delays do not indicate a final judgment, but show that the commission wants more time to assess products that stretch beyond blue‑chip crypto exposure.

Grayscale Options Proposal Enters Comment Phase

Alongside the delays, NYSE American filed a proposed rule change to list standardized options on the Grayscale CoinDesk Crypto 5 ETF, a fund tracking an index of five large‑cap digital assets: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA).

The filing has entered the public comment phase, where market participants can weigh in on whether listing options on the fund is consistent with Exchange Act standards for fair, orderly markets and protections against fraud and manipulation.

If approved, options on a multi-asset crypto ETF would add another layer of leverage and hedging tools to digital assets, extending a derivatives ecosystem that is largely centered on Bitcoin and Ether products.