The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the listing and trading of shares of the 21Shares Polkadot Trust on Nasdaq.
Overview of the Filing
On June 24, 2025, the SEC confirmed the delay in its decision on the 21Shares Polkadot Trust fund proposal. Nasdaq submitted the proposed rule change on March 17, 2025, leading to its publication in the Federal Register on March 26, 2025, which began the official comment period.
Reasons for the Delay
The SEC stated that on May 8, 2025, it exercised its authority under Section 19(b)(2) of the Securities Exchange Act of 1934 to extend the review period for the proposal. Under this provision, SEC is allowed up to 240 days to come to a decision on the proposed rule change.
Status of Other ETFs
The delay in the 21Shares Polkadot Trust application is part of a broader trend in the SEC's handling of other crypto ETFs. In late May, the SEC postponed decisions on applications submitted by Grayscale Investments and Bitwise for a spot XRP ETF. Market analysts note that these delays are typical for the SEC as it takes the necessary time to thoroughly review applications.
The final decision on the 21Shares Polkadot Trust application is now expected by July 26, 2025. These delays raise questions about the pace at which other similar fund proposals are being processed.
