The U.S. Securities and Exchange Commission (SEC) has once again delayed its decisions concerning two significant cryptocurrency exchange-traded funds (ETFs): the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. Both will now await outcomes until November 12, as the SEC aligns its review processes for these applications.
This postponement is set against a backdrop of an extensive backlog of ETF applications, with over 90 pending as of late August. Notably, interest from institutional investors in altcoins is growing, as illustrated by the number of ongoing filings. Solana leads this pack with eight proposals, followed closely by XRP with seven.
Grayscale, leveraging its successful experience with the Grayscale Bitcoin Trust (GBTC), aims to follow up its historic transformation into the first U.S. spot ETF with additional products. The company is currently looking to transition its Bitcoin Cash and Litecoin trusts into ETFs, facilitating daily creation and redemption processes that could significantly reduce market inefficiencies, such as the premiums and discounts often seen in over-the-counter transactions.
The SEC’s strategic delays do not necessarily signal a hostile outlook toward cryptocurrency products. This apparent methodical pace may indicate an intention to review several applications comprehensively rather than rush any decisions. Earlier this August, the agency postponed multiple major crypto ETF applications, demonstrating a clear trend toward synchronizing approvals within tight deadlines.
A notable shift in the regulatory climate can be traced back to the recent change in leadership at the SEC, with Paul Atkins now at the helm, succeeding Gary Gensler. Industry observers are noting a more accommodating approach toward digital assets under Atkins’ administration, as evidenced by rising approval probabilities for spot ETFs, notably for XRP, Dogecoin, and Cardano.
Looking ahead, the autumn of 2025 is poised to be critical for the U.S. cryptocurrency landscape. An influx of 31 altcoin ETF applications has already emerged this year, featuring a wide array of major altcoins. The SEC faces an unprecedented logistical challenge, as it juggles a busy calendar filled with institutional pressures while aiming to create a cohesive regulatory framework for the long-term integration of altcoins into the American financial market.
As November approaches, investors remain keenly attentive to the SEC’s upcoming decisions, which could represent a pivotal moment for the acceptance of altcoins in the ETF space. The outcome could trigger significant developments in the market and potentially herald the long-awaited “Altseason.” The developments surrounding these ETFs reflect broader trends and shifts within the cryptocurrency ecosystem, making it a period of heightened interest and analysis within the financial community.
