SEC Delays Polkadot and Hedera ETF Rulings Amid Crypto ETF Boom
The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it is delaying decisions on multiple high-profile crypto ETF filings, including those for Polkadot (DOT) and Hedera (HBAR).
New deadlines are now set:
- June 10 for the Bitwise Bitcoin and Ethereum ETF
- June 11 for the Grayscale Polkadot Trust and Canary HBAR ETF
The postponement comes as the SEC juggles dozens of new crypto fund applications, reflecting a potential ETF expansion wave in 2025.
What the Delays Mean for DOT and HBAR ETFs
The filings — originally submitted in February 2025 — proposed the launch of two new spot ETFs:
- Grayscale’s Polkadot Trust, transitioning to an ETF structure
- Canary’s HBAR ETF, providing direct exposure to Hedera
In its filing, the SEC stated:
“The Commission finds it appropriate to designate a longer period within which to take action… so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
While the delay is procedural, it signals that the SEC is taking a measured and deliberate approach to evaluating non-Bitcoin and Ethereum crypto ETFs.
Market Reaction: DOT and HBAR Hold Steady
Despite the regulatory stall, both tokens saw modest gains:
- DOT rose 1.29%
- HBAR gained 1.79% (as of the time of reporting)
Investor sentiment remains cautiously optimistic, with traders seeing the delay not as a rejection, but rather a sign of engagement and due diligence.
Crypto ETFs in 2025: A Tipping Point Year?
Under the current administration, the SEC appears more receptive to crypto, especially when compared to the strict oversight under former Chair Gary Gensler.
Here’s a quick timeline of key ETF events:
| Date | Event |
|---|---|
| Jan 2024 | SEC approves first U.S. spot Bitcoin ETF |
| Jul 2024 | SEC greenlights first Ethereum spot ETF |
| Feb 2025 | Grayscale, Canary file for DOT and HBAR ETFs |
| Apr 2025 | SEC delays decisions to June |
| Jun 2025 | Next decision deadline for DOT, HBAR, Bitwise ETFs |
Changing Tone at the SEC: From Skepticism to Support
Since President Trump returned to office in January, the SEC has:
- Dropped several lawsuits against crypto firms
- Hosted open crypto roundtables
- Signaled greater transparency and industry collaboration
The next roundtable, set for this Friday, will focus on crypto custody infrastructure — a key topic for ETF viability.
“These roundtables are the clearest sign that the SEC is preparing for a much broader digital asset fund ecosystem,” said a former ETF advisor.
Why These ETF Decisions Matter
A greenlight for Polkadot and Hedera ETFs would:
- Expand investor access to next-gen Layer-1 and DAG networks
- Validate altcoins beyond BTC and ETH in institutional portfolios
- Set a precedent for more diversified crypto asset funds
It could also encourage other chains (e.g., Avalanche, Chainlink, Solana) to file for ETF listings in 2025 and 2026.
Chart: Status of Major Crypto ETF Filings
| ETF Proposal | Type | Status | Deadline |
|---|---|---|---|
| Bitwise Bitcoin + Ethereum | Spot | Delayed | June 10, 2025 |
| Grayscale Polkadot Trust | Conversion/ETF | Delayed | June 11, 2025 |
| Canary HBAR ETF | New ETF | Delayed | June 11, 2025 |
| ARK Solana ETF (Expected) | Not Filed Yet | TBD | TBD |
What’s Next?
All eyes are now on June, when the SEC will either:
- Approve the proposals
- Deny them outright
- Delay once again (as is common in early ETF cycles)
For now, the market is betting on eventual approval, especially as more traditional institutions warm to crypto funds.
Final Thoughts: Delayed, Not Denied
The SEC’s latest move is less a rejection and more a call for caution and clarity. In a year that could redefine ETF offerings in the crypto space, delays are simply part of the process.
For Polkadot and Hedera — two networks that have often flown under the radar — ETF approval would usher in a new phase of visibility and liquidity.
If history is any guide, ETF approval starts slow… until it snowballs.
