The US Securities and Exchange Commission has once again put off its decision on two well-known crypto ETF applications. One is from Bitwise for a Dogecoin Trust, and the other is from Grayscale for a Hedera (HBAR) Trust. This delayed decision is something that crypto investors are getting used to. The delay does not indicate a rejection; however, it means that both meme-coin enthusiasts and enterprise-layer supporters will have to wait even longer to find out if their tokens will become mainstream investment products.
Another Delay in the SEC’s Long Dance with Cryptocurrency
The SEC filed official notices of delay on June 12, which pushed the decision dates even further into the year. The Dogecoin Trust proposal from Bitwise was meant to give investors access to the original meme coin through a regulated exchange product. At the same time, Grayscale’s application for a Hedera ETF was aimed at institutional investors who were interested in using blockchain for business.
The SEC said they needed more time to look over the proposals, get feedback from the public, and think about how they would affect market stability and investor protection. This kind of procedural language is common, but it makes people in the crypto community more and more sure that the regulator is purposely delaying approvals for digital assets.
These delays come after several approvals earlier this year for Bitcoin and Ethereum spot ETFs. This made people hopeful that altcoin-related funds would also get approved. People saw the Dogecoin and Hedera proposals as tests to see if the SEC’s changing view on crypto goes beyond the two biggest digital assets.
Grayscale’s method has been very well thought out. Grayscale is in the news for its legal fight with the SEC over turning its Bitcoin Trust into a spot ETF. Now, the company is HBAR. Their most recent filings put Hedera at the top of the list for enterprise blockchain applications, with partnerships with big names like Google, IBM, and Boeing.
On the other hand, Bitwise has focused on Dogecoin’s unique market position, which is driven by community demand and big names like Elon Musk. The company says that Dogecoin’s liquidity, market cap, and decentralized user base make it a good fit for the ETF market.
Altcoin ETFs are Getting More Important
The SEC didn’t say for sure what it thought about either ETF, but these delays keep an important conversation going: should altcoins have a regulated investment channel in US markets?
Crypto experts say that the SEC’s slow progress may be because there are still arguments going on inside the agency about how to classify different tokens under securities laws. Regulators now mostly see Bitcoin and Ethereum as “commodities,” but the status of altcoins like DOGE and HBAR is still very much up for debate.
SEC delays several decisions today on spot xrp & doge ETFs, along w/ staking in eth ETFs…
— Nate Geraci (@NateGeraci) May 21, 2025
Nothing to see here IMO.
Still think all will be approved.
Though I will say it sounds like IRS clarity needed on eth staking in grantor trust. Legit issue (but not SEC’s jurisdiction).
Investors are increasingly monitoring the situation, particularly because the ease of obtaining ETFs will determine the next wave of institutional adoption. If DOGE or HBAR gets ETF approval, it could open up new demand from wealth managers, retirement funds, and regular investors who want simple exposure without having to deal with digital wallets or exchanges.
The SEC is expected to respond by the end of summer, but based on past patterns, they will probably get more time unless political or legal pressure rises.
Currently, the crypto community is waiting. Dogecoin memes may last forever, but the time it takes for ETFs to get approved not.
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