The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on multiple high-profile cryptocurrency ETF proposals, including Bitwise’s bid to incorporate Ether staking and Grayscale’s plan to launch an XRP ETF.
The delays, announced on May 20, were anticipated by industry analysts who noted the regulator’s tendency to exhaust its review timelines.
The SEC extended its review of Bitwise’s application by 45 days, citing the need for more time to analyze the proposed rule change and related issues. A decision is expected by May 22. Additionally, the agency began formal proceedings to gather public input and conduct further analysis on Grayscale’s XRP ETF and Bitwise’s Solana ETF, signalling a deeper review process to determine whether the products meet regulatory requirements.
Bloomberg ETF analyst James Seyffart commented on the delays, saying they align with the SEC’s standard practice of using the full review window for 19b-4 filings. Seyffart also predicted similar delays for other spot crypto ETF proposals, including those tied to Litecoin. However, he noted that Litecoin’s ETF bid may stand a stronger chance of receiving early approval compared to others.
FOMO Pay is pleased to join the Global Dollar Network (@global_dollar) launched by Paxos (@Paxos)!
🌍 We’re excited to have been invited to join Global Dollar Network as one of its first partners, supporting the adoption of #USDG — a regulated USD stablecoin issued by Paxos —… pic.twitter.com/qXhA16Ht16
— FOMO Pay (@FOMOPayOfficial) May 21, 2025
Meanwhile, more crypto ETF deadlines loom. The SEC is set to decide on Grayscale’s Polkadot ETF by June 11 and a similar filing from 21Shares by June 24, according to recent regulatory documents.
The wave of altcoin ETF filings surged following former SEC Chair Gary Gensler’s resignation in January after a tenure marked by rigorous enforcement. Under Gensler, the SEC initiated more than 100 crypto-related actions. His exit, combined with political shifts such as Donald Trump’s election win, has fueled hopes for a more favourable regulatory climate.
Already, signs of a softer approach have emerged. Lawsuits against major crypto players like Gemini and Cumberland DRW were dropped earlier this year, raising optimism that the SEC’s new leadership may take a less adversarial stance toward the digital asset space.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
