SEC punts decision on crypto ETFs again, final rulings anticipated later in 2025

The US Securities and Exchange Commission postponed decisions on multiple crypto-related exchange-traded fund (ETF) applications on May 13, including those filed by Grayscale and BlackRock. 

The delays extend the agency’s review timeline and align with expectations that it will grant no approvals before the final quarter of 2025.

Grayscale’s proposed spot ETFs for Solana (SOL) and Litecoin (LTC) were deferred. The new filing deadlines for both are August 11 and October 10. 

The SEC also delayed action on BlackRock’s request to enable in-kind redemptions for its approved spot Bitcoin (BTC) ETF. BlackRock’s request has no updated deadline, which centers on technical mechanics rather than initial approval.

Separately, the SEC acknowledged the 19b-4 filing for a 21Shares spot Dogecoin (DOGE) ETF, initiating the official review timeline for the product. This filing begins the countdown toward an eventual decision under the agency’s statutory schedule.

Decisions expected later this year

The agency’s latest moves follow a broader pattern of staggered reviews across more than 70 crypto ETF proposals, which remain in various evaluation stages. On April 29, the SEC delayed decisions on five other crypto-related ETFs.

Bloomberg ETF analysts James Seyffart and Eric Balchunas described the current cycle of delays as routine. 

Seyffart said the delay was “expected,” and most of the affected products face final deadlines no earlier than October. 

Balchunas added that the SEC is unlikely to issue substantive approvals until recently confirmed Chair Paul Atkins completes internal meetings and strategy sessions with staff. 

He said: 

“They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals.”

Regulatory roadmap

SEC decisions on crypto ETF applications follow a multi-stage statutory process based on the publication of proposed rule changes in the Federal Register.

The agency typically operates on review intervals of 45, 90, 180, and 240 days, allowing multiple opportunities to delay decisions before reaching a final deadline.

The regulator’s recent actions are consistent with its historical practice of extending reviews to the full statutory limits before issuing decisions. 

No ETF in this group faces a final deadline before late in the third quarter, leaving applicants and investors awaiting further clarity on the regulatory trajectory for crypto-linked investment vehicles.

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