SEC Hits Snooze Button on Grayscale’s Polkadot ETF — Will They Ever Decide?

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So, here’s the deal: The U.S. Securities and Exchange Commission, aka the folks who make the rules nobody really understands, decided to press the pause button on Grayscale’s big dream of launching a Polkadot spot exchange-traded fund. Classic, right? 💤

On April 24, 2025, the SEC said, “Hey, we’re gonna take some extra time.” Because why make a decision when you can drag it out? It’s like waiting in line at the DMV, but for crypto nerds with fancier suits.

This delay isn’t just about Polkadot, oh no. It’s the whole crypto ETF parade now that the SEC’s former head honcho, Gary Gensler, has exited. Suddenly, everyone and their dog is throwing proposals at the SEC like confetti at a party no one’s sure they want to be at. 🎉

So for Grayscale’s little Polkadot ETF buddy, the SEC pushed the deadline all the way to June 11, 2025. That’s within the 90-day “hurry up and wait” window they like to operate in — gotta keep the suspense alive.

Basically, Grayscale wants to flip its Polkadot Trust into an ETF. You know, just a little facelift to make it sell better on the market. The SEC’s official line? “We need more time to *consider* the issues,” which loosely translates to “We’re juggling paperwork and coffee cups, thank you very much.” ☕️

“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.” Translation: We’ll get around to it… eventually.

Now, Nasdaq tossed its hat in the ring back on February 24, 2025, submitting Form 19b-4 for the Grayscale Polkadot Trust. The SEC published the proposal in the Federal Register on March 13, making it public for all us curious onlookers and keyboard warriors.

This whole thing kicks off a timeline where the SEC can say yes, no, or “we need to think about it longer” – which is exactly what it did, bumping the deadline from 45 days (April 27, 2025) to 90 days (June 11, 2025). Because who doesn’t love a good cliffhanger?

And guess what? It’s not just the Polkadot ETF that’s stuck in regulatory limbo. The Canary HBAR ETF and Bitwise Bitcoin and Ethereum ETF are also on the waiting list, with their new deadline set for June 10, 2025. Talk about synchronized procrastination! ⏳

Nasdaq first filed for the Canary HBAR ETF on February 21, then decided to make some tweaks and refiled on March 4, 2025. The SEC published that proposal too, keeping us all on our toes.

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2025-04-24 21:58