TLDR
- SEC delayed BlackRock’s Ethereum staking ETF decision to October 30, 2025.
- Franklin Templeton’s Solana and XRP ETFs now await SEC decision on November 14.
- More than 90 crypto ETF applications remain under review by the SEC.
- The SEC is considering a framework to simplify crypto ETF listings.
The landscape of cryptocurrency ETFs (exchange-traded funds) is undergoing significant changes, primarily driven by the U.S. Securities and Exchange Commission’s (SEC) ongoing review processes. Recently, the SEC announced that it is extending review periods for several prominent crypto ETF proposals, including BlackRock’s iShares Ethereum Trust and Franklin Templeton’s planned Solana and XRP funds. Such moves highlight the cautious, deliberate approach the SEC is taking in evaluating these innovative financial products.
In a statement released on September 10, the SEC revealed new deadlines for various applications. Key among them is BlackRock’s Ethereum staking amendment, which will now be evaluated by October 30, 2025. Meanwhile, the Franklin Templeton proposals for Solana and XRP ETFs have been pushed back to November 14. According to the agency, this extension is necessary for a thorough assessment of the proposed rule changes and the associated issues. The SEC, in its official filing, expressed that it “finds it appropriate to designate a longer period… to consider the proposed rule change.”
Fidelity and Other Firms Also Affected
The current delays aren’t isolated to just BlackRock and Franklin Templeton; they also impact other major players in the industry. Notably, Fidelity’s Ethereum ETF staking proposal has been moved to a decision date of November 13. Additionally, several other products awaiting review include 21Shares’ Ethereum ETF, which is now due on October 23, and Grayscale’s Ethereum ETF with a deadline of October 29. These postponements reflect a broader trend within the SEC, particularly focusing on altcoin and staking-related ETFs.
On the same day that the SEC announced these delays, it also extended deadlines for other ETFs, like the Bitwise Dogecoin ETF and Grayscale’s Hedera ETF, both of which are now slated for November 12. Earlier in August, the agency had already delayed other applications such as the 21Shares Solana ETF and WisdomTree’s XRP Fund, setting them up for late October evaluations. This pattern of delay underscores the SEC’s careful scrutiny and regulatory caution concerning crypto assets.
Staking Concerns and Regulatory Caution
One aspect contributing to the SEC’s prolonged reviews is the complexities surrounding staking features in ETFs. Staking, which permits holders to participate in validating transactions in exchange for rewards, presents various regulatory hurdles. These challenges encompass issues like asset custody, investor risk, and proper classification under securities law. Given these nuances, it’s understandable that the SEC has exercised a cautious approach when weighing the approval of Ethereum-based staking funds from notable firms.
At a recent Organisation for Economic Co-operation and Development (OECD) Roundtable in Paris, SEC Chair Paul Atkins noted that “Crypto’s time has come,” indicating a possibility for broader acceptance and regulation of crypto-related products. Nevertheless, the SEC’s actions suggest that it remains conservative, particularly regarding new structures like staking, which may warrant closer examination before regulatory approval can be granted.
Over 90 ETF Applications Still Pending
The SEC currently has over 90 crypto ETF applications awaiting decisions. This extensive list encompasses a myriad of digital assets and investment strategies, ranging from conventional spot products to cutting-edge staking-based structures. As such, the waiting period has become a point of increasing frustration for firms eager to launch innovative financial products in the rapidly evolving crypto market.
One potential factor behind these delays is the SEC’s plan to finalize its proposed Generic Listing Standards. If implemented, this new regulatory framework could enable certain ETFs to be approved more swiftly, circumventing the traditional and sometimes cumbersome filing process. The new rules are anticipated to streamline the review period to a more rapid 75-day window, significantly reducing delays for emerging crypto products.
Despite rising interest from institutional investors and a generally supportive political atmosphere, the SEC’s thorough review process underscores the ongoing uncertainties regarding the regulation of staking and newer altcoin-based ETFs. This tentativeness reflects the balancing act the agency must perform, addressing the innovative nature of crypto assets while ensuring robust investor protection and regulatory compliance.
