XRP News Today: SEC Delays Polkadot Hedera ETF Decisions Until November 2025

The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on the Polkadot and Hedera exchange-traded funds (ETFs), citing the need for more public input and further review. This move has sparked anticipation and speculation within the crypto community, with analysts forecasting that approvals for crypto ETFs may not occur until the fourth quarter of 2025. The delay is seen as a procedural step, partly due to the pending market structure bill, which aims to define regulatory pathways between traditional finance and cryptocurrencies.

The SEC's decision to postpone the approval of these ETFs comes as part of a broader regulatory landscape where the commission is seeking to gather more information and ensure thorough vetting of the proposals. This cautious approach is evident in the SEC's request for additional comments on the filings, indicating a meticulous review process. The delay affects not only Polkadot and Hedera but also other cryptocurrencies like Solana, XRP, and Dogecoin, which are awaiting similar decisions. The SEC has set new deadlines for these ETFs, with some decisions expected in September and November 2025.

Right before the second deadline, the SEC chose to delay its decision on Canary Capital’s proposed Hedera ETF and Grayscale’s Polkadot ETF. Instead of issuing a ruling, the agency announced it would open the proposals to additional public commentary. These delays push the third deadline to the 9th of September, with a final ruling expected by the 8th of November. In a similar move, the SEC has also delayed its response to the Canary Spot SUI ETF, deepening the uncertainty surrounding the future of these digital asset funds.

Analysts have indicated that the U.S. SEC is unlikely to approve the pending crypto ETF applications in the near term. According to analysts, green lights for the proposed Polkadot and Hedera ETFs might not arrive until the fourth quarter, closer to their respective final deadlines later this year. For context, Grayscale remains the sole applicant for a Polkadot ETF, while both Grayscale and Canary Capital are pursuing HBAR ETFs, though Canary submitted its application first. With the second deadline for Grayscale’s HBAR ETF approaching on the 15th of June, another delay from the SEC appears likely.

In the meantime, Canary Capital, along with VanEck and 21Shares, has called on the Commission to revive the ‘first-to-file’ approval model, arguing that such a framework would enhance fairness and competitiveness in the ETF market. While the SEC has yet to address the industry’s appeal to reinstate the ‘first-to-file’ rule, a favorable response could give Canary Capital an edge over Grayscale in launching the first Hedera ETF.

The delay has also prompted discussions about the potential approval of other altcoin ETFs. Analysts have highlighted that Solana leads the approval odds, followed by XRP and Dogecoin. This optimism is fueled by the recent approval of spot Bitcoin and Ethereum ETFs, which has increased liquidity and demand for these assets. The SEC's request for S-1 statements from issuers has further bolstered expectations for Solana's approval, with some analysts predicting a decision within 3-5 weeks. However, the ongoing XRP lawsuit and other regulatory challenges add uncertainty to the approval timeline for these ETFs.

The SEC's delay on Polkadot and Hedera ETFs is part of a broader regulatory effort to integrate cryptocurrencies into traditional financial markets. The commission's request for more public input and thorough review reflects its commitment to ensuring that these financial products meet regulatory standards. As the crypto community awaits further developments, the focus remains on the SEC's upcoming decisions, which could significantly impact the market and regulatory landscape for cryptocurrencies.