On April 30, 2023, Coinlive reported that the U.S. Securities and Exchange Commission (SEC) delayed its decision on the approval of several cryptocurrency ETF applications. The products involved include Franklin's SOL and XRP ETFs, Grayscale's HBAR ETF, Bitwise's DOGE ETF, the staking plans for Franklin and Fidelity's Ethereum ETFs, Franklin's cryptocurrency ETF, and the physical subscription and redemption mechanism for Invesco Galaxy's Bitcoin and Ethereum ETFs.

Regulatory documents released on April 24 indicated that the SEC postponed its decision on Grayscale's application to convert the Polkadot Trust into a spot ETF and the listing plan for the HBAR spot ETF submitted by Canary Capital until June 11, and Bitwise's Bitcoin and Ethereum ETF approval has been extended to June 10.

Previously, the SEC had also repeatedly postponed the approval of cryptocurrency spot ETFs, such as in 2023 for Bitcoin.