​The U.S. Securities and Exchange Commission (SEC) has confirmed the acceptance of Nasdaq’s application to list and trade shares of Grayscale Hedera Trust.

The SEC’s confirmation follows Nasdaq’s submission of Form 19b-4 earlier this month, requesting approval for Grayscale’s investment product, which will hold HBAR, the native token of the Hedera Network.

The U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of Nasdaq’s application to list and trade shares of Grayscale Hedera Trust.

The SEC’s confirmation comes in response to Nasdaq’s submission of Form 19b-4 earlier this month, requesting approval for Grayscale’s investment product, which will hold HBAR, the native token of the Hedera Network.

With the acceptance of the filing, the SEC has initiated a 21-day period for public comment, following which the regulator will decide whether to approve, reject, or initiate further proceedings regarding the ETF.

HBAR ETF market and regulatory shifts

HBAR is currently ranked 16th among cryptocurrencies by market capitalization. At present, Grayscale and Canary Capital are the two asset managers planning to launch an HBAR ETF.

Last month, Nasdaq filed Form 19b-4 with the SEC for a spot HBAR ETF by Canary Capital.

While the SEC’s acceptance does not guarantee approval, it nonetheless signals a potential shift in the regulator’s stance on crypto investment products. This contrasts with previous cases where the SEC’s reluctance led to the withdrawal of similar applications.

Price dynamics of HBAR for 24 hours. Source: CoinMarketCap

Following the announcement, HBAR experienced a rise of nearly 4% within 24 hours, reaching a price point just below $0.20.

Grayscale expands digital asset offerings

Grayscale’s proposal comes after the SEC approved spot Bitcoin and Ethereum ETFs.

Nasdaq highlighted that its surveillance-sharing agreement with Coinbase Derivatives, through its membership in the Intermarket Surveillance Group (ISG), ensures sufficient investor protections, similar to those that facilitated the approval of previous ETFs.

Moreover, Grayscale is actively seeking SEC approval for additional digital asset investment products, including ETFs tracking XRP, Solana, Dogecoin, Litecoin, and Cardano.