The Securities and Exchange Commission has expanded its timeline for determining exchange trade funds (ETFs) related to Polkadot (DOT) and Hedera (HBAR).
According to a regulatory filing posted on April 24, the SEC pushed for the Grayscale proposal to convert Polkadot Trust into Spot ETFs and the decision deadline for Canary Capital’s plans to list Spot HBAR ETFs on June 11.
The agency also announced until June 10th that it will delay Bitwise’s proposed decision on joint Bitcoin (BTC) and Ethereum (ETH) ETFs.
In both submissions, the SEC stated it would be appropriate to specify a longer review period so that the proposal and public comments received can be carefully considered.
Regulatory Bottleneck
The extension comes when the SEC is facing crypto-related filing of unprecedented volumes of capacity. As of this month, the agency is reviewing 72 digital asset ETF proposals, including single assets, dual assets and multi-asset funds, related to a variety of tokens beyond Bitcoin and Ethereum.
The rapid rise in applications opened the door to wider crypto market exposure through regulated investment vehicles, following the groundbreaking approval of the Spot Bitcoin ETF last January 2024 and the Spot Ethereum ETF in July.
The gusts of the new submission come amid a marked shift in regulatory stances under the Trump administration. Since January, the SEC has rolled back several enforcement actions against crypto companies and launched a series of public roundtables aimed at updating digital asset policies.
The next roundtable, scheduled for Friday, will focus on Crypto Custody Frameworks, a key topic for institutions handling client assets.
SEC behavior remains cautious when assessing whether new Crypto products meet investor protection standards, but SEC behavior is widely seen as a signal of greater openness.
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