The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on several cryptocurrency exchange-traded funds (ETFs), pushing the final deadlines to November. These delays affect proposals from Bitwise and Grayscale, impacting a Dogecoin ETF and other altcoin ETFs. The SEC's decisions highlight the ongoing regulatory caution surrounding crypto investment products.

Specifically, the SEC has extended its review of the Bitwise Dogecoin ETF, with a new decision deadline set for November 12, 2025. This marks a postponement in the final ruling on what could potentially be the first U.S.-listed Dogecoin ETF. Bitwise submitted its proposal through NYSE Arca, aiming to offer a Dogecoin ETF under commodity trust rules. The SEC's initial deadline was in June 2025, but formal proceedings were launched that month, extending the review period. The SEC has now extended that timeline by another 60 days.

The SEC stated that the delay is necessary to allow more time to analyze the proposal and review public feedback. Many responses raised concerns about Dogecoin's volatility, liquidity, and vulnerability to price manipulation. Despite these concerns, Bitwise has expressed confidence in its proposal, emphasizing Dogecoin's high trading volume and broad user base. They argue that a regulated Dogecoin ETF could expand investor choice and offer more regulated access to crypto assets.

In a similar vein, the SEC has also delayed its decision on the Grayscale Polkadot (DOT) ETF until November 8, 2025. This delay aligns with postponements for other altcoin spot ETF applications, including those for XRP, Solana (SOL), Pudgy Penguins (PENGU), and Cardano (ADA). The SEC is evaluating whether Polkadot can be listed under Nasdaq's trust share rules, requiring additional public commentary and clarification on the ETF's compliance.

These delays are occurring as the SEC grapples with establishing clear and uniform listing standards for spot crypto ETFs. Major exchanges like Nasdaq, NYSE, and CBOE BZX have submitted amendments to adjust the definition of "commodity" to facilitate broader crypto ETF approvals. The SEC appears to be waiting for these standards to be in place before approving any altcoin-based ETFs.

Despite the regulatory delays, the market response has been largely positive. Polkadot's trading volume surged, and the prices of both HBAR and DOT have shown resilience, suggesting that traders view the delays as procedural rather than outright rejections. This optimism indicates that investors anticipate eventual approval, potentially paving the way for a new wave of altcoin ETFs.

It's important to note that the SEC has historically been cautious with cryptocurrency ETFs, rejecting numerous applications before approving the first spot Bitcoin ETF in early 2024. Grayscale successfully converted its Bitcoin Trust (GBTC) into a spot Bitcoin ETF after a legal battle with the SEC, setting a precedent for other firms. Grayscale is now seeking to apply this model to its Bitcoin Cash (BCH) and Litecoin (LTC) trusts.

Currently, Bitwise offers a Bitwise Bitcoin ETF (BITB), which provides exposure to Bitcoin. BITB invests directly in Bitcoin and is accessible through a brokerage account. As of September 5, 2025, the Bitwise Bitcoin ETF has total assets of $4.5 billion and an adjusted expense ratio of 0.200%. Grayscale also offers the Grayscale Bitcoin Trust ETF (GBTC), which is solely and passively invested in Bitcoin. GBTC was launched over a decade ago and uplisted to NYSE as a spot Bitcoin ETP in 2024. As of September 5, 2025, GBTC has assets under management of nearly $20 billion.