SEC Kicks the Can Again: Polkadot, Hedera Spot ETFs Left in Limbo—Bitcoin-Ethereum Fund Also Stalled

Regulators just bought themselves more time to ’carefully consider’ what everyone already knows—Wall Street wants crypto ETFs, just not enough to actually approve them.

Another delay, another eye-roll from traders. The SEC’s latest punt affects spot ETFs for Polkadot (DOT) and Hedera (HBAR), plus a dual Bitcoin-Ethereum fund. Because why streamline innovation when you can bury it in paperwork?

Funny how these decisions always drag out—almost like someone’s waiting for bigger players to position themselves first. But hey, that’s finance: innovate at a snail’s pace, profit at lightning speed.

Canary, Grayscale, and Bitwise Lead Wave of New Crypto ETF Applications

Canary Capital, Grayscale Investments, and Bitwise Asset Management are among a growing list of issuers pushing for crypto-focused ETFs.

Following the success of spot Bitcoin and Ethereum ETFs launched last year, enthusiasm has surged, with 72 crypto-related ETF proposals currently awaiting SEC approval.

Canary Capital has been particularly active, recently filing for a Tron (TRX) ETF with staking features, alongside proposals for Solana (SOL), PENGU, and Sui (SUI) ETFs.

Grayscale has also expanded its ambitions with proposed funds for Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Bitwise, meanwhile, has applied for ETFs tied to Dogecoin (DOGE) and Aptos (APT).

Both crypto-native firms and traditional financial institutions are racing to launch products tied to crypto assets, derivatives, and blockchain-related equities.

Bloomberg ETF analyst Eric Balchunas commented on the influx of filings, calling 2025 a “wild year” for crypto ETFs.

There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff pic.twitter.com/IHTqqxeH35

Currently, the Grayscale Bitcoin Trust (GBTC) holds nearly $18 billion in assets under management (AUM), making it the second-largest among the 11 spot Bitcoin ETFs approved last year.

Bitwise’s Bitcoin ETF manages about $3.6 billion in AUM. Collectively, U.S. spot Bitcoin ETFs now oversee approximately $100 billion, ranking among the fastest-growing ETFs in history.

Following the news, Hedera rose 5%, while Polkadot gained nearly 7% over the past 24 hours.

Trump-Era Shift Signals SEC Reassessment of Crypto Regulation

The SEC’s recent shift in tone under President Donald Trump reflects a broader effort to reevaluate the agency’s approach to digital assets.

As reported, Paul Atkins was sworn in as Chairman of the SEC on Monday, marking a leadership shift that is being welcomed by the digital asset industry.

Under Atkins’ leadership, the SEC has already withdrawn or delayed several prominent cases against crypto firms.

The agency dropped its lawsuits against Coinbase and Cumberland DRW earlier this year, and a separate investigation into Uniswap Labs closed in February without enforcement action.

In the most recent case, the SEC closed its investigation into CyberKongz, a prominent Ethereum-based NFT and gaming project, with no enforcement action taken, the team announced on Tuesday.