- The SEC has extended review periods for several crypto ETF applications, including those for Dogecoin and Hedera (HBAR).
- New deadlines have been set for four Solana ETF filings and one Cardano ETF proposal, with decisions now expected in July.
- The regulator is seeking more public comments on these ETF applications before making any decisions.
- Roughly 72 crypto-related ETFs are currently pending SEC approval to either list or offer options.
- The SEC said these delays do not indicate any final decisions on the applications, but relate to regulatory standards and investor protection concerns.
The U.S. Securities and Exchange Commission (SEC) has delayed decisions on several high-profile cryptocurrency exchange-traded fund (ETF) proposals. Applications affected include those for Dogecoin, Hedera (HBAR), Solana, and Cardano, with revised deadlines now pushed into July. The review periods were extended following formal proceedings in June for the Bitwise Dogecoin ETF, Grayscale Hedera Trust, and Canary Capital’s HBAR ETF.
The SEC stated it needs more time to collect public comments and fully consider legal and policy issues regarding these filings. In particular, four Solana ETF proposals—submitted by Bitwise, 21Shares, VanEck, and Canary Capital—will not receive decisions until early July 2025. The Grayscale Cardano ETF‘s deadline is now July 15, while a deadline for Bitwise’s Ethereum staking ETF is July 6.
According to Bloomberg ETF analyst Eric Balchunas, “About 72 crypto-related ETFs are sitting with the SEC awaiting approval to list or list options,” based on a recent industry roundup. The SEC’s filings say, “Pushing back the dates for the proceedings is appropriate at this time in view of the legal and policy issues raised from the proposed changes.”
The SEC clarified that these delays do not mean the regulator has reached any conclusions about the ETFs. The delays are to encourage further public input, as the commission assesses whether the proposed funds meet requirements to prevent fraud and protect investors laid out in the Securities Exchange Act.
When exchanges want to list new ETFs, they must file “proposed rule changes” with the SEC to ensure compliance with strict standards. In the case of the Bitwise Dogecoin ETF, NYSE Arca filed under NYSE Arca Rule 8.201-E, which governs trust shares that track the value of commodities or derivatives. For the Hedera and HBAR proposals, Nasdaq used Nasdaq Rule 5711(d) for trust shares.
As the SEC continues its review, the agency maintains that more public comments are encouraged, and no final decisions have been made on any of the pending crypto ETF applications.
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