SEC Delays Dogecoin, Hedera, Avalanche ETFs Again

- The SEC postpones decisions on several spot altcoin ETFs. - Industry players express dissatisfaction with the SEC's review approach. On June 12, 2025, CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) delayed its decisions on multiple spot altcoin exchange-traded funds (ETFs). The SEC postponed decisions for the Bitwise Dogecoin ETF, Grayscale Hedera Trust, and VanEck Avalanche ETF. These delays are reportedly part of a broader pattern emerging under new SEC Chair Paul Atkins. On June 12, CoinNess Global and CoinCentral, citing The Block, reported that the SEC extended the review period for the VanEck Avalanche ETF until July 28, 2025. According to these reports, VanEck initially filed this ETF on April 9, 2025, the SEC published it for comment on April 29, 2025, and its original review deadline was June 13, 2025. Paul Atkins's tenure began following his confirmation on April 9 and swearing-in on April 21, 2025. Under his leadership, this cautious stance continues; despite expectations for a more proactive approach, the SEC remains slow with its regulatory responses to cryptocurrency financial products, leading many firms to express growing frustration over its delay tactics. On June 12, ETF.com reported dissatisfaction among asset managers. Cointelegraph and Pintu News sources also reported on June 12 corroborating this dissatisfaction. Separately, VanEck, 21Shares, and Canary Capital published a letter on June 6, 2025, urging the SEC to revert to its traditional "first-to-file, first-to-approve" standard for exchange-traded products (ETPs). In this letter, they argued that the current practice of simultaneous approvals undermines innovation, fairness, and competition, often favoring larger issuers. Furthermore, they claimed this shift makes the ETP marketplace less fair and imposes unnecessary costs on sponsors. Additionally, on June 12, Blockchain.News and CoinCentral reported on the SEC's ongoing litigation with Ripple. In this litigation, the SEC and Ripple jointly filed a motion under Rule 60, requesting a Manhattan District Court to dissolve the injunction concerning XRP sales and release the $125 million civil penalty from escrow. The motion proposes that Ripple pay $50 million to the SEC, with the court returning the remainder to Ripple. This measure aims to alter the injunction and modify penalties and could potentially extend the appeals process, allowing more time for a settlement. The reports also indicated that the SEC would make such a request to support its regulatory reform efforts within the crypto industry. As of 00:09 UTC on June 13, market data provided the following current trading conditions for the related assets: - Hedera (HBAR) is trading at $0.161, with a -6.78% change. - XRP (XRP) is trading at $2.175, with a -3.97% change. - Avalanche (AVAX) is trading at $20.041, with a -6.81% change. - Dogecoin (DOGE) is trading at $0.178, with a -7.65% change. The ETF delays continue to affect the market as industry players seek a fair and competitive regulatory environment.