- The SEC has delayed decisions on Polkadot and Hedera ETFs, seeking more public input and signaling ongoing caution toward crypto investment products.
- Analysts now expect potential approvals no earlier than Q4 2025, though market sentiment for DOT and HBAR remains stable.
SEC Taps the Brakes Again on DOT and HBAR ETFs
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on two highly anticipated crypto ETFs — Grayscale’s Polkadot (DOT) ETF and Canary Capital’s Hedera (HBAR) ETF. Instead of a final ruling by the second deadline, the SEC is inviting further public comment, pushing the timeline into late 2025. The third deadline is now set for September 9, with a final decision expected by November 8.
This move reinforces the SEC’s ongoing cautious approach to digital asset investment products, even as investor appetite for crypto ETFs continues to grow.
Analysts Eye Q4 2025 for ETF Approvals
Market experts aren’t surprised by the delay. Bloomberg’s James Seyffart noted that the SEC is unlikely to greenlight any of the pending crypto ETF applications before the fourth quarter of 2025. Fellow analyst Eric Balchunas echoed the sentiment, suggesting a “really good chance” for approvals eventually — but not before winter.
Even more intriguingly, Balchunas hinted at the possibility of themed ETFs, such as “active memecoin-only” products, emerging by 2026.
Also read: Ethereum Price Surges 8% to $2,700 on Record Staking and Massive ETF Inflows
Who’s in the Race — and Who Could Win?
Grayscale remains the only firm vying to launch a Polkadot ETF, while both Grayscale and Canary Capital are battling to be first with a Hedera ETF. Canary, having submitted its HBAR ETF application earlier, might benefit from a revival of the “first-to-file” rule — a regulatory suggestion made by Canary, VanEck, and 21Shares to level the playing field.
If the SEC reconsiders and reinstates this model, Canary could gain a competitive edge.
Muted Market Reaction to Delay
Despite the regulatory fog, investors haven’t panicked. DOT rose 4.52% to $4.30 in the last 24 hours, while HBAR edged up 1.65% to $1.798. This suggests that confidence in both projects remains steady, even as ETF uncertainty drags on.
A Phase, Not a Roadblock?
The SEC’s delays may frustrate some, but they could simply be part of a longer-term process. With the next key deadlines in September and November, the road to crypto ETF approval still appears open — just not fast-tracked.
