The U.S. Securities and Exchange Commission has formally recognized Nasdaq’s submission for the 21Shares Polkadot exchange-traded fund, marking a significant move in the approval journey.
The SEC has acknowledged the filing for the 21Shares Polkadot (DOT) ETF by Nasdaq, dated March 20. Should it receive approval, the ETF would be available on Nasdaq, enabling everyday investors to gain exposure to Polkadot without needing to directly manage DOT tokens.
Nasdaq submitted the 19b-4 form to the SEC seeking permission to list a Polkadot ETF from 21Shares on March 17. This submission represents the second major milestone in the standard ETF approval process. Earlier, on March 6, 21Shares provided an updated S-1 registration statement, following the initial application made on January 31.
What does this acknowledgment signify?
With this filing, 21Shares aligns itself with Grayscale, which filed its application for a spot Polkadot ETF on Nasdaq with the SEC on February 25.
The SEC’s acknowledgment indicates that the regulatory agency has initiated the official review period. During this phase, the SEC will gather public input, evaluate potential market effects, and assess whether the proposed Polkadot spot ETF meets required regulatory criteria.
While this acknowledgment is a promising indication for Polkadot, it’s crucial to recognize that the SEC has been deliberate and cautious in approving cryptocurrency ETFs, particularly those beyond Bitcoin (BTC) and Ethereum (ETH). They have postponed judgments on various ETFs, including Ripple (XRP), Solana (SOL), and Litecoin (LTC), leaving the timeline for the Polkadot ETF’s approval uncertain.