The SEC has pushed the final decision on the Bitwise Dogecoin ETF and Grayscale Hedera ETF to November 12, 2025. Bitwise submitted its Dogecoin ETF in March 2025, but the SEC extended the review, citing concerns over volatility, liquidity, and market manipulation.
Grayscale’s Hedera ETF, filed through a Form S‑1 and a Nasdaq 19b‑4 proposal, received the same delay. The fund would offer exposure to HBAR, Hedera’s native token. Grayscale also seeks to convert its Litecoin and Bitcoin Cash trusts to ETFs via Form S‑3, aiming to use “Generic Listing Standards” to simplify future approvals.
These extensions highlight the SEC’s cautious stance. While not rejections, they signal that altcoin ETFs still face significant regulatory barriers.
🇺🇸 TODAY: The SEC delays decision on Bitwise Dogecoin ETF and Grayscale Hedera ETF, with new deadline set for November 12. pic.twitter.com/DVPxROplTH
— Cointelegraph (@Cointelegraph) September 10, 2025
A Crowded Queue: Over 90 Crypto ETF Applications Now Pending
The Dogecoin and Hedera ETF delays are part of a much larger queue. As of late August 2025, the SEC has received over 92 crypto ETF filings, up from 31 in July. These proposals cover a wide range of assets, including Solana, XRP, Avalanche, Litecoin, and BNB.
In just the past few weeks, multiple other ETFs saw their review timelines pushed back:
- The 21Shares and Bitwise Solana ETFs were moved to October 16.
- WisdomTree’s XRP Fund now awaits a decision by October 24.
- The Canary PENGU ETF is delayed until October 12.
- The Truth Social Bitcoin and Ethereum ETF was pushed to October 8.
This growing backlog reflects two dynamics. First, asset managers see potential in altcoin ETFs as a new channel for institutional and retail inflows. Second, the SEC remains conservative, invoking its full 240-day review period in nearly all filings. While Bitcoin and Ethereum ETFs have made headway, most altcoin proposals still face steep barriers, particularly around price discovery and custody.
The sheer volume of pending applications suggests increasing pressure on the SEC to create clear approval standards. However, until formal guidelines emerge, most altcoin ETF hopefuls will likely remain in regulatory limbo.
Generic Listing Standards Could Shorten the Crypto ETF Path
The SEC’s extended review periods—up to 240 days per ETF—have slowed the launch of altcoin funds. However, if the SEC approves Generic Listing Standards, that could drastically change the timeline. Under these standards, qualifying crypto ETFs would bypass the need for individual 19b‑4 rule changes, reducing the approval window to just 60–75 days.
Grayscale’s filings for Hedera, Litecoin, and Bitcoin Cash all rely on this approach. By using existing benchmarks and structures similar to those for equity and commodity ETFs, they aim to prove these altcoin products meet baseline requirements for investor protection and market integrity.
If the SEC accepts this framework, issuers could bring multiple altcoin ETFs to market faster and with less uncertainty. It would also signal that the agency is willing to modernize its review process in line with growing institutional demand. Until then, the extended delays for products like the Dogecoin and Hedera ETFs remain a reminder of just how slow current approval pathways can be.
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