- The SEC extended its review of ETF proposals tied to Polkadot and Hedera to June 11, citing the need for more time.
- Grayscale and Canary filed for DOT and HBAR-based ETFs amid growing institutional interest in diversified crypto assets.
- A separate Bitwise proposal for Bitcoin and Ethereum ETFs is now under review until June 10.
The U.S. Securities and Exchange Commission stretched out its decision-making period for multiple crypto ETF applications including those focused on Polkadot (DOT) and Hedera (HBAR). The SEC filed on Thursday that its decision-making process regarding the crypto ETF proposals extends.
The SEC is scrutinizing two investment fund plans which include Grayscale’s Polkadot Trust transformation into an ETF while Canary applies for an ETF trading HBAR tokens from Hedera. Multiple crypto fund applications arrived at the agency through asset management firms in February 2025 to help decentralize ETF access for digital assets.
SEC Cites Need for Additional Review Time
The regulatory body requires additional time for review because they need to evaluate both the proposed rule change and all points of contention included in the original document. The document part of HBAR ETF filing explicitly demonstrated the SEC’s dedication to exploring new products against existing regulatory standards.
The extension of deadlines follows normal procedures at the agency for reviewing complicated or innovative financial instruments. The SEC previously had April 30 to finalize decisions but now proceeds with expanded evaluations because of numerous ETF applications submitted to their platform.
The SEC has postponed its ruling on the Bitcoin
The SEC delayed its evaluation process for another Bitwise ETF application, including Bitcoin and Ethereum spot products, until June 10, 2025. Both Bitcoin and Ethereum spot products are included in the application that would undergo review from June 10, 2025, to the following June 10, 2025.
Bitwise has consistently submitted filings for digital asset ETFs in recent years and remains one of the more active applicants in the sector. Its current proposal aims to offer investors broader access to major cryptocurrencies through regulated investment vehicles.
Regulatory Landscape Under a New Administration
Since the beginning of President Donald Trump’s current term in January, he has signaled a more open approach to digital assets. The agency has hosted several crypto-specific roundtables and eased certain enforcement actions, creating an environment perceived as more favorable for industry development.
A crypto custody discussion takes center stage on Friday as the upcoming roundtable concerns one of the critical elements for ETF approval processes. The multilateral sessions create spaces for regulatory representatives to interact with attendees whose participation enables them to gain exposure to active policy developments.
Precedents from Past ETF Approvals
The former chair Gary Gensler received approval from the Commission to launch spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024. The determination for spot Bitcoin ETF authorization occurred following a court decision that validated Grayscale’s application to convert its Bitcoin Trust into a spot ETF configuration.
Current timeframes show the agency is proceeding carefully before it allows crypto-backed investment products to the market. The public will carefully analyze how the SEC approaches future application reviews because many more token-based financial products are filing for approval status.
