In a familiar move that echoes its past caution on digital assets, the U.S. Securities and Exchange Commission (SEC) has postponed decisions on multiple cryptocurrency exchange-traded fund (ETF) proposals, including the highly watched Dogecoin and Hedera (HBAR) applications. The delays come as the SEC continues to seek additional public input, signaling ongoing regulatory hesitance toward approving new crypto-based investment products.

According to filings published this week, the SEC has formally extended the review process for several ETFs. These include the Bitwise Dogecoin ETF, the Grayscale Hedera Trust, and the Canary Capital HBAR ETF. While the market continues to expand and investor interest grows, the SEC has again chosen a cautious route, pushing final decisions further into the summer.

A Growing Backlog of Crypto ETF Applications

The agency’s move is part of a larger trend. Over 70 crypto-related ETF proposals are currently pending before the SEC, many of which have been delayed multiple times. This includes proposals tied to major cryptocurrencies such as Solana, Cardano, Ethereum, and now Dogecoin and HBAR.

Specifically, on June 11, the SEC began official proceedings to evaluate the Bitwise Dogecoin ETF. The next day, the agency followed up with a similar action for the Grayscale Hedera Trust. Additionally, a delay notice for the Canary Capital HBAR ETF was issued on June 10.

For each of these filings, the SEC cited the need for more public feedback before reaching a final determination. This procedural move effectively resets the clock, with new deadlines extending into July 2025.

Solana and Cardano ETFs Also Affected

Dogecoin and Hedera are not the only crypto assets facing regulatory bottlenecks. The SEC also pushed back decisions on four separate Solana ETF proposals—submitted by Bitwise, 21Shares, VanEck, and Canary Capital. These decisions are now expected in early July.

Additionally, Grayscale’s Cardano ETF has been delayed until July 15, while Bitwise’s Ethereum staking ETF faces a new review date of July 6.

The increasing pile of delayed applications reflects both growing interest in cryptocurrency ETFs and persistent regulatory concerns. The SEC appears to be taking a highly measured approach to ensure investor protections are in place before allowing such products to enter public markets.

What Is the SEC Waiting For?

In its recent notices, the SEC emphasized that it has not reached any conclusions on the applications. Instead, it is “instituting proceedings” to determine whether these filings meet the legal requirements for ETF approvals under the Securities Exchange Act.

This step allows for additional time to gather public comments—often from institutional stakeholders, legal experts, and crypto industry participants. These comments are used to assess whether the proposed ETFs provide sufficient safeguards, accurate valuation mechanisms, and proper investor disclosures.

According to industry analysts, the SEC’s continued delays reflect deep institutional skepticism and the complexity of integrating crypto into traditional financial products. The regulatory agency is especially wary of market manipulation, custody risks, and volatility associated with crypto assets—issues that remain central in its decision-making.

Industry Reactions and What Comes Next

Market observers are closely watching how the SEC handles this new wave of ETF proposals. The approval of spot Bitcoin ETFs earlier this year was considered a landmark decision, setting precedent and fueling hopes for similar treatment for other crypto assets.

However, the delay of products tied to Dogecoin, a originated cryptocurrency with volatile trading patterns, and HBAR, a lesser-known enterprise-focused token, suggests the SEC may be less comfortable moving quickly on ETFs beyond Bitcoin and Ethereum.

Bloomberg’s senior ETF analyst Eric Balchunas noted that the number of crypto ETF applications is at an all-time high, with many issuers now re-filing or adjusting their proposals to fit evolving regulatory expectations.

If the SEC does approve any of these ETFs later in 2025, it could mark another milestone in crypto’s mainstream adoption. But until then, the market must wait—again.