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SEC Postpones Decision on Hedera, Avalanche, and Dogecoin ETFs; Initiates Formal Review

The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the proposed exchange-traded funds (ETFs) for Grayscale’s Hedera, VanEck’s Avalanche, and Bitwise’s Dogecoin. This announcement, made on June 12th following official filings, indicates the commencement of a formal review process.

SEC Delays Approval, Opens Public Comment Period

The filings state that formal proceedings are now underway to evaluate whether the proposed rule changes align with regulatory standards. This step indicates a more in-depth examination, but does not predetermine the outcome. As part of this process, the SEC is soliciting public comments over a 21-day period, with a 35-day window for replies to those comments.

Background: Altcoin ETF Interest and Solana's Potential

These proceedings come amid increasing interest in ETFs based on alternative cryptocurrencies (altcoins). Previously, the SEC requested revisions to S-1 forms from issuers of Solana ETFs, often interpreted as a signal that regulatory decisions are imminent. Current trends suggest Solana may be the first altcoin to secure spot ETF approval.

Leadership Transition and Industry Concerns

The SEC has recently undergone leadership changes, with Paul Atkins assuming the role of chairman on April 22nd, following a three-month vacancy after Gary Gensler's departure. Atkins has expressed a commitment to supporting digital asset innovation while maintaining regulatory compliance.

However, several asset managers, including VanEck, 21Shares, and Canary, have voiced concerns about the ETF approval process. They allege that the SEC has not adhered to the "first-to-file" rule, arguing that the process lacks transparency and undermines fair market competition. These firms have advocated for a return to a rule-based review system. The criticism highlights the perception that some ETF applications progress more rapidly than others, leading to increased costs and diminished trust among market participants.

Market Reaction and Future Outlook

The market responded to the news of the delay with price declines for the affected cryptocurrencies. Avalanche experienced a drop of 10.34%, reaching $18.97, with a 33.34% increase in 24-hour trading volume. Hedera declined by 8.71% to $0.1552, accompanied by a 49% surge in trading volume. Dogecoin also saw a decrease of 9.30%, trading at $0.17.

Analysts are observing the SEC's actions closely, noting similarities to its approach to Ethereum ETFs in 2024, where increased engagement with issuers preceded approvals. A comparable pattern may be emerging.

Furthermore, data from prediction markets indicate strong expectations for the SEC to approve several crypto ETFs by the end of the year.