SEC delays decision on Grayscale’s Polkadot ETF
The U.S. Securities and Change Fee has postponed its resolution on Grayscale’s software to record shares of a Polkadot spot exchange-traded fund.
SEC stated in a submitting on April 24, 2025 that it was extending the interval below which it has to both approve or reject the spot Polkadot (DOT).
The regulator’s delay comes amid an inflow of crypto ETF proposals earlier than, with the quantity skyrocketing prior to now few months following the exit of former SEC chair Gary Gensler.
For the Grayscale Polkadot ETF, the company has prolonged its deadline to June 11, 2025.
This new date falls inside the regulatory timeline of 90 days, throughout which the SEC should both approve or reject a proposed rule change. Grayscale is searching for to transform its present Polkadot Belief into an exchange-traded fund.
“The Fee finds it applicable to designate an extended interval inside which to take motion on the proposed rule change in order that it has ample time to think about the proposed rule change and the problems raised therein,” SEC wrote within the submitting.
Nasdaq submitted Type 19b-4 to the SEC on February 24, 2025, requesting approval to record and commerce shares of the Grayscale Polkadot Belief. The SEC then revealed the proposal within the Federal Register for public touch upon March 13, 2025.
The publication of the proposal within the Federal Register opens up a regulatory timeline wherein the company has to both approve, disapprove or institute proceedings focused at figuring out if the applying must be disapproved.
Preliminary deadline for this resolution is 45 days, which within the case of the Grayscale Polkadot ETF, falls on April 27, 2025. As such, the SEC is extending this to 90 days – till June11.
The company additionally delayed selections on different high-profile crypto ETF functions, together with the Canary HBAR ETF and the Bitwise Bitcoin and Ethereum ETF. Each have a brand new deadline of June 10, 2025.
Nasdaq initially filed for the Canary HBAR ETF on February 21, earlier than amending the submitting on March 4, 2025. The SEC revealed the proposed rule change within the Federal Register on March 13, 2025.
