# 2025-08455: SEC Extends Review on Polkadot Crypto Trust Trading

2025-08455, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the 21Shares Polkadot Trust Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares), is a Federal Register notice from Securities and Exchange Commission published 2025-05-14, effective 2025-06-24 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08455
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08455
- Title: Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the 21Shares Polkadot Trust Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20532
- Published: 2025-05-14
- Effective: 2025-06-24
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Extends Review on Polkadot Crypto Trust Trading

## Summary

The SEC is taking extra time to decide if Nasdaq can list and trade shares of the 21Shares Polkadot Trust, a new crypto-based investment. This means investors and traders waiting for this product will have to be patient until June 24, 2025, when the SEC will make its final call. No money changes yet, just a longer review to make sure everything’s in order.

## Effects PRIA read

- SEC Delays Decision on Polkadot Trust: cost, low. The SEC extended its review of Nasdaq’s request to list the 21Shares Polkadot Trust and set June 24, 2025 as the deadline to approve or disapprove the proposal. The proposal was published for comment on March 26, 2025, the original 45-day review would have ended May 10, 2025, and no funds have been…

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## Sources
- [2025-08455 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/14/2025-08455/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-designation-of-a-longer-period)
- [2025-08455 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-14/pdf/2025-08455.pdf)

## Related
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Source: PRIA, https://policyrisk.com/federal-register/2025-08455 (as of 2026-06-08).