The SEC Has Postponed 2 Altcoin ETFs: Eyes Are Turned to the Next Decision Date! - Coin Bulletin

The Securities and Exchange Commission (SEC) has postponed its decision regarding the ETF applications based on Polkadot (DOT) and Hedera (HBAR) to June.

A new delay decision has come from the SEC regarding the long-awaited ETF approvals in the crypto markets. The Commission announced that it has postponed its decision on Grayscale’s application to convert its Polkadot Trust into an ETF and Canary’s request to launch an HBAR-based ETF until June 11. It was also stated that the ETF applications submitted by Bitwise for Bitcoin (BTC) and Ethereum (ETH) have been postponed until June 10.

The SEC cited as a reason for the postponement decision that “more time is needed to evaluate the proposed rule change and the issues it brings with it.” Applications were submitted in February and were expected to be decided by the end of this week under normal circumstances. However, the SEC has once again invoked its right to use additional time under the current regulatory process.

Growing Interest in Crypto ETFs

Investment firms like Grayscale and Canary have increased their applications to meet the demand for spot crypto ETFs. The SEC’s approval of spot Bitcoin ETFs in January 2024, followed by spot Ethereum ETFs in July, has accelerated this process. With the new administration, the SEC has adopted a more crypto-friendly approach and has also withdrawn some lawsuits it filed against certain crypto companies in recent months.

Especially developments such as the closure of Ripple’s lawsuit with the SEC and XRP’s ability to attract institutional interest again have created a similar expectation for other major tokens. Now, all eyes are on how the ETF journey of major projects like Polkadot and Hedera will unfold.

As the crypto world enters an important turning point, the decisions that the SEC will make in the coming months may directly affect the overall direction of the markets.