The SEC has pushed back its decision on the Canary PENGU ETF application once more, with the new deadline now set for March 11. This marks the second consecutive 60-day extension the regulator has issued since September, signaling continued deliberation over the approval. Market reaction has been swift—PENGU dropped 6% to trade at $0.0119, while 24-hour trading volume contracted sharply by 36%. On the derivatives side, futures open interest stands at $112.32M, indicating traders remain cautious amid the regulatory uncertainty. The repeated delays have become a familiar pattern for ETF hopefuls in the crypto space, keeping investors on edge as they wait for clarity on institutional adoption pathways.