SEC Delays PENGU and T. Rowe Crypto ETFs, Grayscale Seeks Options Approval in 2026

The US Securities and Exchange Commission (SEC) has extended its decision deadline on two cryptocurrency exchange-traded funds (ETFs), while opening a comment window on options tied to a Grayscale multi-asset crypto fund.

The delays affect the Canary Pudgy Penguins (PENGU) ETF and the T. Rowe Price Active Crypto ETF, citing the need for more time to evaluate market structure, investor protection, and concerns about manipulation.

PENGU ETF: A Test for NFT

The Canary Pudgy Penguins (PENGU) ETF seeks exposure to the Pudgy Penguins ecosystem, a prominent non-fungible token (NFT) collection. This proposal is one of the more unconventional crypto-related ETF proposals currently in front of the SEC, testing the agency’s willingness to allow meme and NFT-adjacent exposure in an ETF wrapper.

Also Read: SEC’s Crypto Shift: Unprecedented Regulatory Breakthrough in 2026

T. Rowe Price Active Crypto ETF

The T. Rowe Price Active Crypto ETF is an actively managed vehicle that would invest in a diversified basket of digital assets beyond Bitcoin and Ether. This proposal brings a traditional mutual fund brand deeper into multi-asset crypto strategies, offering investors a broader range of digital asset exposure.

Also Read: SEC Signals Major Shift as Crypto Innovation Exemption Nears Release

Grayscale Options Proposal Enters Comment Phase

Alongside the delays, NYSE American filed a proposed rule change to list standardised options on the Grayscale CoinDesk Crypto 5 ETF, a fund tracking an index of five large-cap digital assets: Bitcoin, Ethereum, XRP, Solana, and Cardano. 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.

Also Read: Dogecoin Price Targets $0.75 Amid Whale Accumulation and ETF Decision