SEC Kicks Crypto ETF Can Down the Road—Again—As Ex-Wall Street Regulator Takes Helm
Wall Street’s favorite regulatory limbo continues: The SEC just delayed decisions on multiple crypto ETF applications—because nothing says ’financial innovation’ like bureaucratic foot-dragging.
New leadership under Paul Atkins, a former SEC commissioner with deep ties to traditional finance, suggests more scrutiny ahead. Crypto markets barely flinched—after a decade of rejections, everyone’s numb to the theatrics.
Bonus jab: At this rate, Bitcoin will hit $1M before the SEC approves anything that might actually help retail investors.
SEC seeks more time for crypto ETF decisions despite Paul Atkins beginning role as Chair
The SEC has postponed its decision on a couple of crypto ETF applications from asset managers, according to documents on its website. The delayed filings include applications from Grayscale to convert its Polkadot (DOT) Trust into an ETF, Bitwise’s combined Bitcoin (BTC) and Ethereum (ETH) ETF, and Canary Capital’s submission to list a Hedera (HBAR) ETF.
The SEC claims it will require additional time to properly act on the filings, so it is postponing its decision until June 10 and 11, respectively.
"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the SEC noted in the document.
"The 45th day after publication of the notice for this proposed rule change is April 26, 2025. The Commission is extending this 45-day time period," the SEC added.
The extension comes days after Paul Atkins officially assumed his role as SEC Chair. Atkins took over from Mark Uyeda, who functioned as acting Chair for the agency following Gary Gensler’s resignation in January.
With Atkins now onboard, he faces several crypto ETF applications that are awaiting a decision. These include proposals for XRP ETFs, Solana ETFs, Dogecoin ETFs and Ether staking within existing spot ETH ETFs.
Considering Atkins’ pro-crypto history, the crypto community remains confident that the new SEC administration will approve most of the recent crypto ETF filings.
Atkins is also set to speak at the next crypto roundtable, which the SEC will host on Friday. This will be his first roundtable as Chair of the agency.
