TLDR
- SEC extends HBAR and Polkadot ETF decisions to November 8, 2025, marking the third delay for both applications.
- Nasdaq filed the spot HBAR ETF on Feb 21; SEC has delayed it in April, June, and now September.
- Grayscale’s Polkadot ETF faces the same extended review, awaiting approval under Nasdaq’s proposed rule change.
- SEC focuses on Generic Listing Standards before approving new altcoin ETFs like HBAR and DOT.
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on two altcoin-based exchange-traded funds (ETFs) — the Canary HBAR ETF and the Grayscale Polkadot ETF. These extensions come as the agency continues to review broader changes to listing rules for crypto assets, creating a holding pattern for asset managers and crypto investors awaiting regulatory clarity.
SEC Pushes Back ETF Decisions to November
The SEC has extended the timeline to decide on both the Canary HBAR and Grayscale Polkadot ETFs. According to official filings, the new deadline for a final decision on both proposals is November 8, 2025. This is the third delay issued by the Commission since the applications were first submitted.
Nasdaq initially filed to list the spot HBAR ETF on February 21. It was amended on March 4 and officially published on March 13, triggering a 180-day review period. The SEC had already delayed the HBAR ETF in April and again in June. The agency has now added another 60 days to the review process.
For the Grayscale Polkadot ETF, the pattern is similar. The SEC had already postponed its decision in April and June. It has now extended the review period once again, citing the need for more time to evaluate the proposed rule change submitted by Nasdaq. This change would allow the ETFs to be listed under the exchange’s commodity-based trust shares framework.
Focus on Generic Listing Standards
The main reason behind the delays appears to be the SEC’s ongoing work with U.S. exchanges on updating listing rules for spot crypto ETFs. According to CoinGape, Nasdaq, NYSE, and CBOE BZX have proposed amendments to their rules, including a change that removes “excluded commodities” from the definition of “commodity.”
This adjustment would help spot crypto ETFs fit within the exchanges’ current listing standards, which were originally designed for traditional commodities. The SEC is expected to finalize these Generic Listing Standards before approving ETFs tied to altcoins like HBAR or DOT.
Regulatory clarity on how crypto assets are treated under these listing rules could impact future ETF applications across the industry. Bloomberg analysts maintain that the odds of eventual approval for these ETFs remain high, estimating a 90% chance of approval once the rules are finalized.
Market Response and Price Movement
Despite the regulatory delay, the prices of HBAR and DOT have shown upward movement in the last 24 hours. HBAR rose 1%, trading at $0.2206, with a 24-hour low of $0.2174 and a high of $0.2222. The asset continues to trade within a narrow range, but the positive movement suggests investor interest remains steady.
DOT also saw an increase, gaining nearly 4% to trade at $4.03. The day’s trading range was between $3.85 and $4.08. Trading volume for DOT jumped by 225%, reflecting heightened activity even as the SEC’s decision remains pending.
Both digital assets have responded positively, which may suggest market participants are still optimistic about eventual ETF approvals. However, the final call remains with the SEC, and all eyes are now on the November deadline.
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