The road to crypto-based exchange-traded funds is proving longer than expected.
U.S. regulators have chosen to extend their review of two proposed products tied to Hedera (HBAR) and Polkadot (DOT), keeping the market guessing about when altcoin ETFs will finally receive the green light.
Both applications — Canary’s spot HBAR fund and Grayscale’s Polkadot ETF — were filed months ago, but the Securities and Exchange Commission has repeatedly pressed pause.
The agency now has until November 8 to deliver a final ruling, a deadline that will determine whether these products can begin trading on Nasdaq or be rejected outright.
What makes the extensions notable is that they’re not isolated events. Each filing has already been delayed more than once this year as the commission gathers public comments and weighs whether current listing rules are sufficient for altcoin-linked products.
Market watchers see this as part of a broader pattern, where the SEC moves slowly but deliberately on digital asset approvals.
Despite the drawn-out process, optimism remains. Analysts at Bloomberg continue to estimate that approval odds are high, pointing to the political and institutional momentum behind crypto ETFs in general.
Hedera’s application, which was first submitted in February and revised in March, has gone through the full cycle of public notice, commentary, and procedural resets that often precede eventual clearance.
Polkadot’s filing has taken a parallel path, with Grayscale aiming to expand its footprint beyond Bitcoin and Ethereum products. Observers believe the regulator’s cautious approach reflects a desire to treat altcoins under the same structured framework as major tokens, rather than rush ahead.
Adding to speculation is the quiet collaboration between the SEC and major U.S. exchanges. Nasdaq, NYSE, and Cboe have all updated their listing standards, removing older language that excluded digital assets from commodity definitions. Those changes hint at a future where spot crypto ETFs across multiple blockchains could see smoother entry into traditional markets.
For now, investors are left to interpret every small move in price as a sign of sentiment. Hedera ticked slightly higher following the news, while Polkadot held steady. The real catalyst, however, remains a long-awaited regulatory breakthrough that could open the door for altcoin ETFs to join Bitcoin and Ethereum at the center of U.S. financial markets.
