The US Securities and Exchange Commission has extended its timeline for deciding on proposed exchange-traded funds (ETFs) tied to Polkadot (DOT) and Hedera (HBAR).
According to regulatory filings posted on April 24, the SEC has pushed the decision deadline to June 11 for Grayscale’s proposal to convert its Polkadot Trust into a spot ETF and Canary Capital’s plan to list a spot HBAR ETF.
The agency also announced it would delay a decision on Bitwise’s proposed joint Bitcoin (BTC) and Ethereum (ETH) ETF until June 10.
In both filings, the SEC said it was appropriate to designate a longer review period to allow for careful consideration of the proposals and any public comments received.
Regulatory bottleneck
The extensions come as the SEC faces an unprecedented volume of crypto-related filings. As of this month, the agency is reviewing 72 digital asset ETF proposals, including single-asset, dual-asset, and multi-asset funds tied to a range of tokens beyond Bitcoin and Ethereum.
The sharp increase in applications follows last year’s landmark approvals of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, which opened the door for broader crypto market exposure through regulated investment vehicles.
The flurry of new filings comes amid a notable shift in regulatory posture under the Trump administration. Since January, the SEC has rolled back several enforcement actions against crypto firms and launched a series of public roundtables aimed at updating digital asset policy.
The next roundtable, scheduled for Friday, will focus on crypto custody frameworks, a key topic for institutions handling client assets.
The SEC’s actions are widely seen as a signal of greater openness, though the agency remains cautious in evaluating whether new crypto products meet investor protection standards.
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