The U.S. Securities and Exchange Commission (SEC) has delayed decisions on two cryptocurrency exchange-traded fund proposals, extending the review period for Grayscale’s Polkadot Trust conversion to a spot ETF and Canary Capital’s Hedera (HBAR) ETF application. The new deadline for both filings is now set for September 9, 2025.
This extension follows standard SEC procedures for crypto asset evaluations, allowing additional time for public feedback and regulatory examination. The agency retains authority to postpone decisions up to four times, with the current delay emphasizing comprehensive market analysis.
Canary Capital’s proposed HBAR ETF would track a benchmark rate and employ cash or in-kind transactions for share creation and redemption processes. Applicants have advocated for a ‘first-to-file, first-to-approve’ framework to accelerate future crypto ETF approvals, though the SEC has not formally responded to this suggestion.
The regulatory delays reflect the SEC’s cautious approach toward cryptocurrency investment products, prioritizing thorough scrutiny over expedited approvals despite industry pressure for streamlined processes.