SEC Delays ETF Decisions for Bitcoin, Ether, XRP, and Solana
The U.S. Securities and Exchange Commission has recently extended the timelines for a number of ETF decisions. This includes ETFs for Bitcoin, Ether staking, and those that track XRP and Solana.
The delay in the decision comes as the agency is conducting a deeper look at the proposals to ensure they meet investor protection and market integrity standards.
Additional Review Requested by SEC
In an official notice dated May 20, the SEC once again confirmed that it will take another 45 days to review Bitwise’s request to add staking features to its Ether ETF. Moreover, the agency further asks for more public input and analysis on Grayscale’s XRP ETF and Bitwise’s Solana fund.
Expert Insight: Timeline Aligns with SEC Review Process
According to James Seyffart, an analyst for Bloomberg ETF, these delays were not unexpected and are in line with the time frames for reviewing a 19b-4 filing. “The SEC often utilizes the full review window before making any decisions,” Seyffart stated, noting that most of these filings’ final deadlines occur in October.
Lotta questions. Replying here:
— James Seyffart (@JSeyff) May 20, 2025
The SEC *typically* takes the full time to respond to a 19b-4 filing. Almost all of these filings have final due dates in October. Early decisions would the action that's out of the norm. No matter how "Crypto-friendly" this SEC is
There's no…
Speculation About a “Friendly” SEC Dismissed
Some market participants speculated that the current SEC might be “more friendly” when it comes to offering a decision, as the crypto policy under new leadership may have changed. Seyffart, however, dismissed those theories. “We’re not conspiring,” he wrote. One might say that when dealing with the SEC, one must engage in suitable procedural norms.
Litecoin May Lead the ETF Approval Pack
Seyffart noted that Litecoin could be the first altcoin ETF to be approved. However, he warned that early green lights, which may happen before late June or early July, will be unusual. He says realistically we can expect some movement early in Q4.
SEC Faces Influx of Altcoin ETF Filings
The SEC is now flooded with ETF filings for altcoins such as Polkadot, Dogecoin, Solana, and Litecoin. Grayscale’s Polkadot ETF and the 21Shares ETF are just two of the latest products filed going into the June deadline.
SEC Leadership Change Brings Mixed Expectations
After the departure of former Chair Gary Gensler earlier this year, the SEC has seen a leadership change and these delays. During his term, Gensler applied strict scrutiny to the crypto industry, launching more than 100 enforcement actions.
The new administration has taken a somewhat more accommodating view of digital assets since then, walking back on cases against Gemini and Cumberland DRW that were high-profile.
Outlook: Crypto Community Remains Optimistic
The crypto community remains positive despite the delay. The rise of ETF filings and renewed interest in markets indicate a growing demand for regulated access to digital assets. Given the regulatory restraint taking precedence, the most realistic time frame for ETF approvals is the fourth quarter of 2025.
