This delay proves that the regulator is still cautious as it manages the growing backlog of altcoin ETF proposals, with 92 crypto-related products awaiting rulings as of late August. Grayscale made history in 2024 by converting its Bitcoin Trust into the first US spot Bitcoin ETF, and is now seeking to replicate that model with Litecoin and Bitcoin Cash. However, the SEC continues to take the maximum time allowed under statutory review periods.
SEC Extends Dogecoin and Hedera Reviews
The US Securities and Exchange Commission (SEC) delayed decisions on two more cryptocurrency exchange-traded fund (ETF) proposals. The regulator extended its review of the Bitwise Dogecoin ETF and the Grayscale Hedera ETF until Nov. 12.
On Tuesday, the SEC postponed NYSE Arca’s request to list the Bitwise Dogecoin ETF, which was originally filed in March and entered into the Federal Register on March 17. The same day, it also pushed back its review of Grayscale’s Hedera ETF application. Grayscale has been making moves to expand its ETF lineup, and updated filings to convert its long-standing Litecoin and Bitcoin Cash trusts into ETFs. Converting these products to trade on national exchanges will enable daily share creations and redemptions, reducing the premiums and discounts that often plague over-the-counter (OTC) products.
Grayscale set an important precedent in 2024 when it successfully converted its Bitcoin Trust (GBTC) into the first US spot Bitcoin ETF after a lengthy legal battle with the SEC. The company is now trying to replicate that success with Bitcoin Cash and Litecoin. However, the regulator’s decision to extend review timelines means that there is still some uncertainty surrounding the approval path for altcoin ETFs.
The SEC is currently managing a wave of applications thanks to a surge in institutional demand for altcoin exposure. By July 31, at least 31 spot altcoin ETF proposals were filed in 2025, with filings covering assets like XRP, Dogecoin, Solana, Litecoin, Avalanche and BNB. In late August, 92 crypto-related ETF products were still awaiting SEC rulings. Interest has been particularly strong for Solana, with eight active filings, and XRP, with seven.
So far, the SEC has generally taken the maximum time allowed under its statutory review process by repeatedly opting for deadline extensions rather than issuing early approvals or denials. In August alone, it postponed multiple ETF applications, including the Truth Social Bitcoin and Ethereum ETF to Oct. 8, the 21Shares and Bitwise Solana ETFs to Oct. 16, and the 21Shares Core XRP Trust to Oct. 19. On August 25, the agency also extended its review of Cboe BZX’s proposal to list the WisdomTree XRP Fund, setting Oct, 24 as the deadline.
