SEC Delays Canary HBAR and Grayscale Polkadot ETF Approval Again

TLDR

• The U.S. SEC has delayed the approval of Canary’s Hedera HBAR and Grayscale’s Polkadot ETFs until November 8, 2025.
• The SEC has raised concerns about the compliance of both ETFs with Nasdaq’s commodity-based trust share rules.
• Both HBAR and Polkadot tokens have shown strong market performance despite the delay.
• The SEC’s delay is part of its broader effort to establish clear and consistent listing rules for spot crypto ETFs.
• Nasdaq and other major exchanges are working on amendments to adjust the definition of “commodity” to help crypto ETFs.

The U.S. Securities and Exchange Commission (SEC) has delayed the approval of Canary’s Hedera (HBAR) ETF and Grayscale’s Polkadot (DOT) ETF. The decision pushes the deadline for approval to November 8, 2025. Despite the delay, both tokens show resilience in the market, with traders viewing the move as procedural.

SEC Delays Canary HBAR ETF Decision Again

Canary filed its Hedera (HBAR) ETF with Nasdaq in February and amended it in March. Since then, the SEC has delayed its decision multiple times. The regulator has raised questions about whether the product fits Nasdaq’s commodity-based trust shares rule.

The SEC’s request for more rounds of public comment focuses on ensuring that HBAR’s listing complies with existing listing standards. The agency has pointed to broader concerns regarding the inclusion of altcoins in ETFs, suggesting that clear listing rules are necessary. As a result, Nasdaq faces continued delays as it seeks to align with the SEC’s concerns.

While HBAR’s ETF has faced scrutiny, the token’s market performance has remained steady. This week, the token rose by 1.8%, reflecting investor confidence. Despite regulatory hurdles, HBAR is showing resilience, as it remains above $0.22.

SEC Delays Grayscale Polkadot ETF Approval Again

Grayscale’s Polkadot (DOT) ETF follows a nearly identical timeline as Canary’s HBAR ETF. Initially filed earlier this year, Grayscale’s application has experienced repeated delays since March. Similar to HBAR, the SEC has required additional rounds of public commentary and clarification on the ETF’s compliance.

Grayscale faces similar regulatory challenges in proving that DOT meets the SEC’s generic listing standards for spot crypto ETFs. The SEC continues to evaluate whether Polkadot can be listed under Nasdaq’s trust share rules. As a result, the decision on Polkadot’s ETF is also postponed until November 8, 2025.

Despite the delays, Polkadot’s performance shows positive momentum. The token’s trading volume surged by 225%, indicating growing investor interest. Polkadot saw a nearly 4% increase, trading around $4.03.

SEC’s Broader Effort for Clear ETF Listing Rules

Both Canary’s HBAR ETF and Grayscale’s Polkadot ETF face delays primarily due to the SEC’s broader efforts. The agency is working to create a consistent framework for listing spot crypto ETFs. Until the SEC finalizes these standards, approval for altcoin-based ETFs remains uncertain.

Major exchanges like Nasdaq, NYSE, and CBOE BZX are working on amendments to address the definition of “commodity.” These changes aim to smooth the path for crypto ETFs beyond Bitcoin and Ethereum. Until then, the SEC has decided to hold off on approving additional altcoin ETFs.

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