SEC Extends Review Periods for Dogecoin, HBAR, and Other Crypto ETFs Amid Regulatory Scrutiny

SEC Delays Decisions on Multiple Crypto ETFs, Including Dogecoin and HBAR

The U.S. Securities and Exchange Commission has kicked the can down the road—again—on several cryptocurrency ETF applications. This week, the regulator extended review periods for proposals tied to Dogecoin, Hedera (HBAR), and others, pushing deadlines further out while asking for more public input.

It’s not exactly a surprise. The SEC tends to take its time with these things, especially when crypto’s involved. On June 11, they started formal proceedings for Bitwise’s Dogecoin ETF, followed by Grayscale’s Hedera Trust filing the next day. Canary Capital’s HBAR ETF got the same treatment a day earlier.

Solana and Ethereum ETFs Also Caught in the Wait

Four separate Solana ETF proposals—from Bitwise, 21Shares, VanEck, and Canary Capital—won’t see movement until *at least* early July 2025. Grayscale’s Cardano ETF got a July 15 extension, while Bitwise’s Ethereum staking ETF has until July 6.

According to Bloomberg’s Eric Balchunas, there are about 72 crypto-related ETFs waiting in the SEC’s queue right now. That’s a lot of paperwork. And if history’s any guide, most of them won’t get a quick answer.

The SEC’s latest filing on Grayscale’s proposal says the delays are “appropriate” given the “legal and policy issues” involved. But here’s the thing: they made sure to clarify that this doesn’t mean they’ve made up their minds. They just want more feedback.

Why the Hold-Up?

When exchanges want to list new ETFs, they have to tweak their own rules first—hence the “proposed rule changes” filed with the SEC. The regulator’s job is to make sure those changes line up with federal securities laws, particularly when it comes to preventing fraud and protecting investors.

For Bitwise’s Dogecoin ETF, NYSE Arca filed under a rule covering commodity-based trust shares. Grayscale’s Hedera ETF proposal falls under a similar Nasdaq rule. Same goes for Canary’s HBAR filing. The framework’s there, but the SEC’s clearly in no rush.

And honestly? That’s probably fine. Crypto markets are still messy, and the SEC’s got plenty of reasons to be cautious. But for traders and firms waiting on these ETFs, it’s another frustrating delay in a process that already feels endless.

(Edited by Sebastian Sinclair)