Quick Breakdown
- SEC delays decisions on Franklin Templeton’s Ethereum, Solana, and XRP ETFs, plus BlackRock’s iShares Ethereum staking amendment.
- The agency is extending review deadlines across dozens of crypto ETF applications, citing need for more evaluation time.
- Despite launching “Project Crypto” to modernize digital asset rules, the SEC has at least 92 crypto ETF proposals still pending.
The U.S. Securities and Exchange Commission has once again extended review periods for several crypto-related exchange-traded fund applications, keeping investors waiting on decisions for products tied to Ethereum, Solana, XRP, and more.
SEC Extends ETF Deadlines
The U.S. Securities and Exchange Commission (SEC) delayed decisions on multiple cryptocurrency exchange-traded fund (ETF) proposals on Wednesday, according to newly published filings.
Franklin Templeton’s amended application to allow staking within its Ethereum ETF is now scheduled for a ruling on November 13, while its proposals for Solana and XRP ETFs face a new deadline of November 14. Meanwhile, the SEC set October 30 as the revised decision date for BlackRock’s iShares Ethereum Trust staking amendment, which was originally filed with Nasdaq in July.
Broader Pattern of Delays
The filings provide no indication of how the agency is leaning, only that additional time is needed to evaluate the products. Under Section 19(b) of the Securities Exchange Act, the SEC may extend its review timeline up to 180 days, and in some cases, by an additional 60 days, before reaching a final decision.
Franklin Templeton’s applications for Ethereum, Solana, and XRP ETFs were filed with Cboe BZX in March, while other proposals, including those from Bitwise, 21Shares, WisdomTree, and Grayscale, remain in limbo following a wave of extensions issued throughout August.
A New SEC Under “Project Crypto”
Since U.S. President Donald Trump entered office in January, the SEC has shifted its posture on digital assets. On July 31, Chair Paul Atkins launched “Project Crypto,” a sweeping initiative aimed at unifying rules on digital asset trading, lending, and staking.
Speaking at the OECD Roundtable on Global Financial Markets in Paris this week, Atkins declared, “Crypto’s time has come.” Despite this supportive rhetoric, the SEC continues to postpone ETF rulings, with at least 92 crypto-linked ETF proposals currently under review.
More Postponements Pile Up
Just a day earlier, the SEC pushed back decisions on the Bitwise Dogecoin ETF and Grayscale Hedera ETF to November 12. Even niche offerings like the Canary PENGU ETF have been caught in the regulatory slowdown, with its ruling shifted to October 12.
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