While most federal offices sit idle under the weight of a government shutdown, paperwork for a new HBAR ETF has quietly moved across the finish line – at least on the issuer’s side.

Canary’s Big Reveal

Investment firm Canary Capital has updated its filing for the Canary HBAR ETF, disclosing the ticker “HBR” and a 0.95% sponsor fee. The revision might seem procedural, but for market watchers, it’s a telltale sign: these are typically the final boxes to tick before regulators sign off.

“Everything about this looks done,” said Bloomberg’s Eric Balchunas, noting that while the fee is higher than what spot Bitcoin ETFs charge, it’s standard for newer, niche digital assets. His colleague James Seyffart added that both the HBAR and Litecoin (LTCC) filings “look like they’re standing on the goal line.”

Timing Is the Wildcard

Under normal circumstances, that would suggest an approval could come any day now. But with the U.S. government shutdown entering its second week, “any day” could easily stretch into weeks.

The SEC, which oversees ETF applications, is operating on an emergency-only staffing plan, meaning noncritical tasks – including fund approvals – are frozen until Congress passes a new spending bill.

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“The timing couldn’t be worse,” one analyst said. “The paperwork’s done, but no one’s around to stamp it.”

A Broader Race for Crypto ETFs

Canary’s filing isn’t happening in isolation. The firm is also preparing a Litecoin ETF, mirroring the same 0.95% structure, while GraniteShares has joined the crowd with proposals for leveraged funds tied to Solana, XRP, and Ethereum.

In total, more than a dozen crypto-linked ETFs – covering everything from Dogecoin to HBAR – are queued up for review. Analysts say the flood of filings reflects how far sentiment toward digital assets has evolved under the Trump administration, which has taken a more accommodative stance toward crypto regulation than its predecessor.

A Waiting Game for Hedera

For Hedera supporters, the ETF’s debut could mark a major step toward institutional recognition. While no launch date is confirmed, Canary’s latest update suggests the structure and logistics are already in place – all that’s missing is the regulator’s nod.

Whether that comes in days or months may depend less on the SEC and more on the political tug-of-war that has paralyzed Washington. Until then, the crypto industry’s next big product remains trapped in the same limbo as the government meant to approve it.

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