- Grayscale Polkadot Trust application review now gets an extended timeline to June 11.
- The decision for the Bitwise Bitcoin ETF and Ethereum ETF has been postponed until June 10.
- The SEC has now extended review periods for multiple ETF applications, including Hedera ETF.
The U.S. Securities and Exchange Commission has extended its review periods for several cryptocurrency exchange-traded fund (ETF) applications. These include proposals for Polkadot and Hedera ETF products, as the regulatory body continues to process dozens of digital asset investment vehicles.
Polkadot, Hedera, and Bitwise Crypto ETFs Review Extended
According to regulatory filings published on April 24, 2025, the SEC has delayed its decisions on the Grayscale Polkadot Trust (DOT), Canary Capital’s Hedera (HBAR) ETF, and the Bitwise Bitcoin and Ethereum ETF. These postponements come as SEC Chairman Paul Atkins’ agency evaluates more than 70 crypto-related ETF proposals.
In its notice regarding the Bitwise Bitcoin and Ethereum ETF, the SEC stated it “finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Related: Bitcoin ETFs Maintain Iron Grip; They Hold Nearly 90% of Global AUM
The Commission has extended the review period to June 10, 2025. By this date, the SEC will either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.
Extended Review Periods to Shape Regulatory Framework for Altcoin ETFs
The Bitwise application, filed by NYSE Arca on February 19, 2025, seeks to list and trade shares under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares). The proposal was officially published in the Federal Register on March 12, 2025, initiating the standard 45-day review period that would have concluded on April 26.
Similarly, the SEC extended its review timeline for the Grayscale Polkadot Trust application submitted by Nasdaq. This proposal, filed on February 24, 2025, and published in the Federal Register on March 13, has been given until June 11, 2025, for a decision.
Related: US Spot Bitcoin ETFs See Largest Inflows Since January as BTC Reached $94,000
These delays align with the SEC’s established pattern of using the maximum time allowed under securities law to evaluate cryptocurrency investment products. Under Section 19(b)(2) of the Securities Exchange Act of 1934, the SEC has 45 days after a proposal’s publication to make a decision, with the possibility of extending the review period by up to 90 additional days.
While the SEC has not made its decision-making criteria for altcoin ETFs, the extensions provide additional time for the agency to establish consistent regulatory frameworks for different categories of digital assets. The successful launch of Bitcoin and Ethereum ETF products has encouraged asset managers to pursue ETFs for a wider range of cryptocurrencies.
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