The U.S. Securities and Exchange Commission has once again hit the pause button on key altcoin ETF proposals, postponing its next steps on applications tied to Dogecoin, Hedera, and Avalanche. The move underscores the SEC’s ongoing cautious approach toward expanding crypto-based investment vehicles under its newly adjusted leadership.
According to Thursday’s filing, the commission will not yet approve or deny the pending Bitwise Dogecoin ETF, the Grayscale Hedera Trust, or VanEck’s Avalanche ETF. Instead, the regulator has formally opened a public comment period, signaling that further deliberation is needed before any definitive action can be taken.
Crucially, the SEC clarified that launching this public input phase should not be interpreted as a final stance on the proposals. “This does not mean the Commission has reached any conclusions,” the agency stated, noting that feedback from the public will help shape its eventual decision.
While frustrating to some investors, the delay reflects the SEC’s broader pattern of proceeding slowly on non-Bitcoin ETF applications—particularly those involving altcoins with varied use cases and regulatory questions.
Solana ETF Progress Hints at Regulatory Shift
The SEC’s latest delay on altcoin ETFs follows closely behind a more promising signal for Solana enthusiasts. Just two days prior, spot Solana ETF issuers were reportedly asked to revise their S-1 filings—a procedural move that often indicates regulatory greenlighting is within reach. According to Bloomberg analyst Eric Balchunas, this suggests an approval could materialize in the next two to four months.
The timing is notable, as it marks a broader shift in the SEC’s posture under new leadership. With Paul Atkins stepping in as SEC Chairman on April 22, replacing the more hardline Gary Gensler, optimism has grown across the crypto sector. Atkins has publicly advocated for a more constructive relationship between regulators and digital asset innovators.
Currently, dozens of spot crypto ETF applications—including those for Ethereum, Solana, Dogecoin, and Avalanche—remain in regulatory limbo. But market watchers are hopeful that under Atkins’ tenure, the SEC may finally begin untangling the gridlock that has long stifled crypto-linked financial products in the U.S.
VanEck, 21Shares Criticize SEC ETF Approval Process
ETF issuers VanEck and 21Shares have publicly called out the SEC over what they see as an increasingly arbitrary approval system for crypto investment products. In a sharply worded letter sent this week, the firms criticized the regulator for appearing to abandon its “first-to-file” approach—a long-standing practice where filings are reviewed and approved in the order they’re submitted.
According to the letter, the current departure from this principle is creating confusion and undermining foundational regulatory values like fairness, competition, and innovation. The firms argue that this inconsistency has led to unnecessary delays, disrupted product planning, and injected instability into an already volatile digital asset investment environment.
“When the Commission plays favorites, it costs ETP sponsors money and makes the ETP marketplace less fair,” the letter emphasized, urging the SEC to restore its chronological filing process.
For asset managers pushing crypto-linked ETFs, a clear and consistent roadmap is seen as essential to fostering trust in the growing crypto-financial product market.
Quick Facts
- SEC delays ETF decisions for Dogecoin, Hedera, and Avalanche.
- Public comment period opened; no approvals or denials yet.
- Solana ETF revisions suggest possible approval in coming months.
- New SEC Chair Paul Atkins signals friendlier crypto stance.
- VanEck and 21Shares criticize inconsistent ETF review practices.
