In April 2023, the U.S. Securities and Exchange Commission (SEC) delayed the approval of several spot ETFs. This involves cryptocurrency-related ETF applications from multiple companies, including Grayscale, Canary Capital, Bitwise, Franklin Templeton, and Fidelity.

Details

- Applications due on June 10 and 11: This includes Grayscale's application to convert its Polkadot (DOT) trust into an ETF, Bitwise's Bitcoin (BTC) and Ethereum (ETH) combined ETF, and Canary Capital's application for listing a Hedera (HBAR) ETF, among others.

- Other delayed applications: Franklin's SOL and XRP ETFs, Grayscale's HBAR ETF, Bitwise's DOGE ETF, and staking proposals for Ethereum ETFs from Franklin and Fidelity.

Reasons for Delay

The SEC stated that it needs more time to consider the proposed rule changes and the issues raised to ensure investor protection and market transparency. Due to the high volatility and compliance issues in the cryptocurrency market, the SEC's risk assessment of crypto assets is still ongoing.