Decisions on three crypto-related ETFs were deferred by the regulator, while the filing for a Dogecoin ETF by 21Shares was formally acknowledged.
On May 13, the U.S. Securities and Exchange Commission postponed its evaluation of several crypto-related exchange-traded fund (ETF) applications, including those from Grayscale and BlackRock.
The agency extended the review timeline due to the delays, aligning with projections that no approvals will be issued before the final quarter of 2025.
The SEC postponed Grayscale’s proposed spot ETFs for Solana (SOL) and Litecoin (LTC), setting the updated filing deadlines for August 11 and October 10, respectively.
The SEC also postponed its decision on BlackRock’s request to allow in-kind redemptions for its approved spot Bitcoin (BTC) ETF. No revised deadline has been provided for the request, as it pertains to operational mechanics rather than the original approval.
Separately, the SEC acknowledged the 19b-4 filing for a 21Shares spot Dogecoin (DOGE) ETF, officially starting the formal review timeline for the proposed product. This action marks the start of the countdown toward a final decision under the agency’s statutory framework.
Final Decisions Anticipated Later in the Year
The agency’s recent actions reflect an ongoing pattern of phased assessments concerning over 70 crypto ETF proposals, which are currently undergoing different stages of evaluation. The SEC previously deferred decisions on five additional crypto-related ETFs on April 29.
Bloomberg ETF analysts James Seyffart and Eric Balchunas characterized the ongoing cycle of delays as standard procedure.
Seyffart described the delay as “expected,” noting that most of the impacted products won’t reach their final decision deadlines until at least October.
Balchunas noted that the SEC is unlikely to grant substantive approvals until Chair Paul Atkins and his staff complete internal meetings and strategic discussions.
They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals.
He said:
Path Ahead for Crypto Regulation
The SEC makes decisions on crypto ETF applications through a multi-phase statutory procedure, beginning with the publication of proposed rule modifications in the Federal Register.
The agency typically follows review intervals of 45, 90, 180, and 240 days, allowing multiple opportunities to postpone decisions before reaching a final deadline.
The regulator’s recent measures align with its established practice of using the full statutory review periods before making final decisions.
No ETF in this group faces a final deadline until late in the third quarter, leaving both applicants and investors anticipating greater clarity on the regulatory direction for crypto-related investment products.
