The U.S. Securities and Exchange Commission’s (SEC) review of the spot PEPE ETF filed by Canary Capital is currently in its initial stage of technical amendments and has no fixed final deadlines.

To understand when a response might be expected, the regulator follows a structure with two mandatory phases:

1. Current Status: Form S-1 (No strict deadlines)

Canary Capital filed an amended amendment to its Form S-1 with the SEC.

• The mechanism: Form S-1 is the fund’s registration document. The SEC has no legally mandated deadline to approve or reject it; it simply issues technical comments and requests revisions until it decides to declare it “effective.”

• Frequency: This back-and-forth review process can take several months.

2. The real clock: Form 19b-4 (240-day deadlines)

For the ETF to be formally listed on the Cboe BZX Exchange, the exchange must file a rule change application using Form 19b-4. Once the SEC publishes this form in the Federal Register, a strict regulatory clock of up to 240 days starts, divided into four deadlines:

• First deadline (45 days): The SEC must issue an initial response (approve, deny, or extend).

• Second deadline (90 days): Generally used to announce extensions.

• Third deadline (180 days): An interim date when the regulator usually seeks public comments.

• Final deadline (240 days): The absolute deadline by which the SEC is legally required to issue a definitive verdict of approval or rejection.

What to expect next?

Since Canary Capital continues to amend its documentation, the market is waiting for the proposal to be officially accepted for filing in the Federal Register. Analysts estimate that, because it is a memecoin with no intrinsic fundamental utility, the SEC will prioritize analyzing market manipulation and active institutional custody before issuing a final decision.