SEC delays crypto ETF rulings by extending review deadlines to November 12, 2025, for Grayscale Hedera and Bitwise Dogecoin filings. The agency used the maximum statutory review period, leaving dozens of altcoin and spot ETF applications pending into late 2025.
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SEC extends final decisions on Grayscale Hedera and Bitwise Dogecoin ETFs to Nov. 12, 2025.
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Grayscale files S‑3 conversions for Bitcoin Cash and Litecoin; Coinbase named custodian.
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Over 90 crypto ETF filings await SEC review; Solana and XRP attract strong institutional interest.
SEC delays crypto ETF rulings: Grayscale Hedera and Bitwise Dogecoin pushed to Nov 12, 2025 — track pending ETF decisions and institutional interest on COINOTAG.
The SEC delays key crypto ETF rulings, extending reviews of Grayscale Hedera and Bitwise Dogecoin filings into November 2025.
What is the SEC delaying in crypto ETF rulings?
The SEC delays crypto ETF rulings by extending its review of Nasdaq’s Grayscale Hedera Trust and NYSE Arca’s Bitwise Dogecoin ETF until November 12, 2025. The agency invoked the full statutory review window, which pushes many altcoin and spot ETF decisions into late 2025.
How did Grayscale update its filings?
Grayscale filed updated registration statements to convert its Bitcoin Cash and Litecoin trusts into ETFs using Form S‑3. Bank of New York Mellon is listed as administrator, and Coinbase is named as custodian and prime broker. A separate Form S‑1 was filed to register the Hedera trust for an initial listing under ticker HBAR.
Why did the SEC extend review periods for these ETFs?
The SEC cited standard review procedures, using the maximum extension period allowed under federal securities law. The agency’s extensions reflect ongoing scrutiny over market structure, custody, and disclosure requirements for crypto-linked products. This cautious approach affects timeline certainty for issuers and institutional investors.
How many crypto ETF applications are pending?
SEC records show over 90 crypto-related ETF filings awaiting review as of late August. At least 31 applications came in during the first half of 2025, covering assets such as Solana, XRP, Avalanche, and BNB. Several high-profile filings already saw deadlines moved into October and November 2025.
How will the delays affect markets and institutions?
Delays create short-term uncertainty but also prolong institutional preparation. ETF structures are valued for compliance, custody, and transparency frameworks, which appeal to large investors. Solana and XRP have shown particularly strong institutional interest, with multiple applicants competing for market access.
What did industry experts say?
Legal and industry commentators note that the SEC’s methodical review aims to ensure investor protections and market integrity. Lionel Iruk of Empire Legal highlighted that ETFs offer “custody and compliance frameworks” required for institutional adoption. These assessments emphasize regulatory certainty as a prerequisite for broad institutional entry.
Frequently Asked Questions
When will the SEC rule on the delayed ETF filings?
The SEC set a new deadline of November 12, 2025 for the Grayscale Hedera and Bitwise Dogecoin filings. Other applications have staggered deadlines through October and November 2025 depending on their filing dates.
Will Grayscale’s BCH and LTC trusts become ETFs?
Grayscale filed Form S-3 to convert Bitcoin Cash and Litecoin trusts into ETFs and named Bank of New York Mellon as administrator and Coinbase as custodian. Approval depends on the SEC’s review of disclosures and custody arrangements.
How many firms are competing to list Solana and XRP ETFs?
Solana drew eight applications and XRP drew seven, indicating strong institutional interest and multiple issuers vying for the same product categories this season.
Key Takeaways
- Extended deadlines: SEC pushed Grayscale Hedera and Bitwise Dogecoin ETF decisions to Nov 12, 2025.
- Grayscale filings: Form S-3 for Bitcoin Cash and Litecoin conversions; Form S-1 filed for Hedera.
- Backlog size: Over 90 crypto ETF filings pending, with Solana and XRP top of institutional interest.
Conclusion
The SEC delays crypto ETF rulings underscore a methodical review approach that extends many altcoin and spot ETF decisions into late 2025. SEC delays crypto ETF rulings will shape institutional timing and market structure planning through the remainder of the year. Stay informed via COINOTAG for updates and filing outcomes.
