The United States Securities and Exchange Commission (SEC) has officially delayed its decisions on several anticipated cryptocurrency exchange-traded fund (ETF) proposals.
This includes those linked to Polkadot ($DOT), Hedera ($HBAR), and a dual Bitcoin–Ethereum ETF from Bitwise Asset Management.
These decisions were expected in April, but the agency has extended the review period in accordance with its standard procedures.
According to filings published on Thursday, the SEC now has until 11 June 2025 to make a ruling on Nasdaq’s request to convert the Grayscale Polkadot Trust into a spot ETF and Canary Capital’s proposal to list a Hedera-based ETF.
A separate application submitted by the New York Stock Exchange for Bitwise’s combined Bitcoin and Ethereum ETF faces a new deadline of 10 June 2025.
In its official statement, the SEC wrote that it is “appropriate to designate a longer period … so that it has sufficient time to consider the proposed rule change and the issues raised therein”.
This language appeared in the Hedera ETF filing and reflects a standard extension mechanism the SEC frequently uses during its ETF review process.
This delay comes as the SEC navigates a changing regulatory environment under the leadership of President Donald Trump.
Since January, the agency has been holding crypto-focused roundtables, reconsidering its litigation strategy, and signalling a more favourable stance toward digital assets.
The next SEC roundtable, set for this Friday, will focus on cryptocurrency custody practices—an important topic for the viability of digital asset ETFs and for investor protection frameworks.
Custody remains a core concern when it comes to regulating cryptocurrency investment vehicles through traditional exchanges.
Grayscale Polkadot ETF proposal draws industry attention
Grayscale Investments, one of the world’s largest digital asset managers, is leading the charge in bringing more crypto ETFs to market.
On 24 April 2025, the SEC confirmed a 45-day extension of the review period for Grayscale’s application to convert its Polkadot Trust into a spot ETF. This pushes the decision date to 11 June 2025.
The original filing, submitted on 24 February and publicly registered on 13 March, aims to list the ETF on Nasdaq under the regulatory framework for commodity-based trust shares.
These shares follow the price of an underlying asset, such as gold, oil—or in this case, cryptocurrencies like $DOT.
Grayscale’s proposed Polkadot ETF would allow retail and institutional investors to gain exposure to the cryptocurrency without needing to directly purchase or manage $DOT tokens.
If approved, it would represent a major step toward bringing decentralised blockchain technologies into mainstream financial markets.
The SEC said it needs additional time to evaluate Nasdaq’s proposed rule change and to consider concerns raised during the comment period.
Assistant Secretary, Sherry R. Haywood, signed the notice of extension, confirming that the delay is procedural and not indicative of a rejection.
Grayscale is actively expanding its ETF portfolio beyond Bitcoin and Ethereum. In addition to the Polkadot proposal, the company has filed applications for ETFs based on Solana ($SOL), Cardano ($ADA), Litecoin ($LTC), Dogecoin ($DOGE), XRP ($XRP), and Avalanche ($AVAX).
These moves reflect a growing demand from investors seeking exposure to a diversified range of blockchain assets through regulated financial products.
Polkadot, developed to facilitate the transfer of data and assets across different blockchains, remains one of the most promising blockchain ecosystems.
The network’s architecture and interoperability features have attracted significant institutional and developer interest.
DOT price holds steady
Despite the SEC’s delay, Polkadot’s market performance remains resilient. In the past 24 hours, the price of $DOT has risen by over 7%, and over the last week, it has surged by approximately 16%.
This upward momentum has been fuelled by a combination of investor confidence, staking dynamics, and increasing institutional backing.
Crypto analyst, Patel, commented that Polkadot is “responding exactly as one would expect” to market conditions, predicting that $DOT could soon test the $10 mark. He added that if current momentum continues, the token may even reach $20 in the medium term. Some longer-term price forecasts are even more optimistic, projecting a potential rally to $42.
One of the key factors driving $DOT’s performance is its staking mechanism. Nearly half of the total $DOT supply is locked in staking contracts, reducing available liquidity on the market. This limited supply dynamic often leads to upward price pressure as demand increases.
Polkadot’s growth is also being supported by strategic investments. Harbour recently launched a $100 million ecosystem fund to support development within the Polkadot network.
Major players, including HashKey Capital, have already backed early-stage projects, increasing confidence in the chain’s future.
Additionally, the Polkadot ecosystem continues to diversify. GIGADOT has introduced multi-yield DeFi solutions, and Mythical Games, which built a gaming platform on Polkadot, now boasts more than seven million users.
These innovations are helping to expand Polkadot’s utility and real-world adoption, which could further bolster investor sentiment.
SEC’s shifting crypto strategy
The SEC’s delay of the Polkadot, Hedera, and Bitwise ETFs is part of a broader transformation in how the regulator is approaching cryptocurrency markets in 2025.
Since President Trump returned to office, the Commission has pivoted toward a more accommodating stance on digital assets.
This shift was further underscored with the swearing-in of new SEC Chairman, Paul Atkins, earlier this week. Under Atkins’ leadership, the agency has already dropped several enforcement cases involving major crypto companies.
Notably, lawsuits against Coinbase and Cumberland DRW were dismissed, and a probe into Uniswap Labs was closed without further action.
On Tuesday, Ethereum-based non-fungible token (NFT) project CyberKongz confirmed that an SEC investigation had ended with no enforcement measures taken.
The SEC also announced this week that it plans to drop its lawsuit against Dragonchain, a blockchain firm previously accused of conducting an unregistered securities offering.
In a court filing dated 24 April, the SEC said it “believes the dismissal of this case is appropriate”. The agency credited its Crypto Task Force, formed in January, for guiding this decision.
Dragonchain was sued in August 2024 for allegedly raising $16.5 million through token sales conducted between 2017 and 2022. These tokens, known as DRGN, were initially sold in an ICO and later to fund business operations and technology development. The litigation had been paused since October, pending a settlement offer from the company.
Following news of the case dismissal, DRGN surged by 95%, reaching over 8.5 cents. However, it remains far below its all-time high of $5.46 recorded in January 2018.
The SEC has also dropped investigations into OpenSea, Crypto.com, and Immutable without enforcement actions. These developments reflect a notable shift in regulatory tone, as the agency appears more focused on collaboration and dialogue with crypto firms rather than punitive measures.
As of now, a total of 72 cryptocurrency-focused ETFs are awaiting decisions from the SEC. Canary Capital, Grayscale, and Bitwise are among the most active issuers, with new filings that include ETFs tied to Tron, Solana, Sui, Dogecoin, and Aptos.
According to Bloomberg ETF analyst, Eric Balchunas, “2025 is shaping up to be a wild year” for digital asset ETFs. Collectively, US spot Bitcoin ETFs now manage approximately $100 billion in assets, marking them as some of the fastest-growing ETFs in financial history.
Grayscale’s flagship Bitcoin Trust alone holds around $18 billion in assets, while Bitwise’s Bitcoin ETF oversees roughly $3.6 billion. This rapid growth reflects increasing interest in regulated crypto investment vehicles from both retail and institutional investors.
