US SEC Delays Decision on Polkadot and Hedera ETFs, What’s the Impact?
Jakarta, Pintu News – The United States Securities and Exchange Commission (SEC) recently announced a delay in their decision regarding the Polka Dot and Hedera ETFs.
This decision comes ahead of the second deadline for both funds, which is due the following day.
The SEC requests additional comments related to the filing, pending approval or rejection of the application.
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Postponement of Decision by SEC
The SEC has indicated through their latest release that the decision regarding Canary Capital’s filing of the Hedera ETF is postponed. This postponement occurred just before the second set deadline.
Instead of granting approval or disapproval, the SEC requested additional comments relating to the application. A similar situation also occurred with the filing of the Polka dot ETF by Grayscale.
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With the second deadline also falling on the same day, the SEC decided to delay their decision. The third and fourth deadlines for both funds are set for September 9 and November 8 respectively.
Market Predictions and Responses
Bloomberg analyst James Seyffart predicts that the SEC may not approve these crypto ETFs until the fourth quarter of this year. This suggests that the SEC may wait until the last deadline to approve the Polkadot and Hedera ETFs.
The filing by Grayscale is the only one for the Polkadot ETF, while Canary Capital and Grayscale are the two issuers filing for the ETF for Hedera .
Canary filed their application before Grayscale, with the second deadline for the Grayscale ETF set for June 15, and it is likely that the SEC will also delay a decision for this fund.
Competition and the ‘First-to-File’ Principle
Recently, Canary Capital along with Van ECK and 21Shares urged the SEC to restore the principle of ‘first-to-file’ approval for ETF filings. These crypto ETF issuers argued that this would ensure a competitive and dynamic financial market. The Commission is yet to respond to the letter.
However, if the SEC agrees, this means Canary could gain an edge over Grayscale with their Hedera ETF. This shows an interesting dynamic in the competitive crypto ETF market.
Conclusion
This delay by the SEC shows a cautious approach in regulating crypto-based financial products. The decision to request additional comments shows that the SEC wants to ensure that all aspects have been considered before granting approval. This is important to maintain market integrity and protect investors from potential risks.
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Reference
- Coingape. US SEC Delays Decision on Polkadot, Hedera ETFs. Accessed on June 11, 2025
- Featured Image: Cryptonews
