The U.S. Securities and Exchange Commission (SEC) has recognized the request for 21Shares’ Polkadot ETF, but the ultimate verdict is still pending.
The SEC has officially recognized the request submitted by Nasdaq for the 21Shares Polkadot Exchange Traded Fund (ETF), marking a key stage in the permission procedure.
Nasdaq officially submitted Form 19b-4 to the SEC on March 17, seeking permission for 21Shares to list the Polkadot ETF on the Nasdaq exchange. This request marks the second key stage in the ETF permission procedure. On March 6, 21Shares submitted an updated S-1 registration statement, with the initial request submitted on January 31. If approved, the ETF will be listed on the Nasdaq exchange, enabling ordinary traders to invest in Polkadot without directly holding DOT.
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With this request, 21Shares joins Grayscale, which submitted a request to the SEC on February 25 to list a spot Polkadot ETF on the Nasdaq exchange.
While the acknowledgment of the request is a favorable development for Polkadot, it should be mentioned that the SEC has been slow and very careful in approving cryptocurrency ETFs, especially those other than Ethereum (ETH) and Bitcoin (BTC). They have delayed verdicts on other ETFs such as Ripple (XRP), Solana (SOL) and Litecoin (LTC), which makes it uncertain whether the Polkadot ETF will be approved soon. The SEC’s acknowledgment means that the regulator has initiated a formal assessment phase. During this period, the SEC will solicit public comment, assess potential market impacts, and determine whether the proposed Polkadot spot ETF meets regulatory standards.
