The U.S. Securities and Exchange Commission (SEC) has once again delayed its decisions on several key crypto ETF filings, this time involving Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX). The updates, published across three official documents on June 12, confirm that no immediate rulings will be made, with new deadlines now extending into late August 2025.
SEC Moves Cautiously on Crypto ETFs
The delay was formalized through three separate notices:
- DOGE ETF proposal (filed via Nasdaq)
- HBAR ETF proposal (filed via Nasdaq)
- AVAX ETF proposal (filed via NYSE Arca)
In each case, the SEC cited the need for “sufficient time to consider the proposed rule change and the issues raised therein.” This language mirrors previous delays on crypto spot ETFs and suggests the agency remains cautious when it comes to products outside the Bitcoin and Ethereum mainstream.
Despite that, Bloomberg ETF Analyst Eric Balchunas recently pointed out that the SEC appears to be preparing for a broader Altcoin ETF cycle. In a tweet posted June 10, Balchunas shared internal odds that show increasing likelihood for approvals across various spot altcoin ETFs—including Solana—over the next few months.
Market Implications: Altcoin Summer Still in Play?
The crypto community remains optimistic that once the SEC begins approving altcoin-based ETFs, it could unlock a new era of institutional inflows. The delayed verdicts don’t necessarily mean rejections—they may simply be part of the SEC’s standard review strategy.
Projects like Hedera and Avalanche, which promote enterprise and scaling use cases, have seen growing institutional interest. Meanwhile, Dogecoin remains more speculative, making its path to approval more uncertain.
Investors and traders are now watching:
- The next critical deadlines in August and September
- Whether the SEC approves Ethereum staking or Solana-based ETFs first
- Market sentiment around broader regulatory clarity in the U.S.
Final Thoughts: What the Delay Really Means
While the crypto ETF rulings for DOGE, HBAR, and AVAX are on hold, the bigger picture suggests momentum is still building. The SEC’s methodical approach reflects the political and economic sensitivity around opening ETFs to volatile or unproven assets.For now, the message is clear: the altcoin ETF era is coming—but not without friction.
