TLDR
- SEC postponed decisions on Grayscale’s Solana and Litecoin ETFs with new deadlines in August and October
- BlackRock’s request for in-kind redemptions for its Bitcoin ETF is under review
- 21Shares’ Dogecoin ETF filing has been acknowledged, initiating the official review process
- Final rulings on crypto ETFs are anticipated in the latter part of 2025
- New SEC Chair Paul Atkins is likely developing strategy before approvals are issued
The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on several cryptocurrency exchange-traded fund (ETF) applications, pushing final rulings into the latter part of 2025. On May 13, the regulator postponed verdicts on multiple crypto-related ETFs, including those from major financial players Grayscale and BlackRock.
🚨UPDATE: 🇺🇸SEC has delayed the @Grayscale Spot Solana ETF. pic.twitter.com/254Jl1mAK8
— SolanaFloor (@SolanaFloor) May 13, 2025
Grayscale’s proposed spot ETFs for Solana (SOL) and Litecoin (LTC) received new deadlines of August 11 and October 10. The SEC extended its review to evaluate whether these listings meet investor protection standards and market integrity requirements.
The agency also delayed action on BlackRock’s request to enable in-kind redemptions for its already approved spot Bitcoin (BTC) ETF. This modification would allow authorized participants to create or redeem shares using Bitcoin directly rather than cash. The SEC initially approved the fund in January with a cash-only redemption mechanism.
In a separate development, the SEC acknowledged the 19b-4 filing for a 21Shares spot Dogecoin (DOGE) ETF. This acknowledgment initiates the official review timeline for the product under the agency’s statutory schedule.
The Dogecoin ETF has entered its public comment phase after filing to list under Nasdaq Rule 5711(d), which covers commodity-based trust shares. The proposed ETF plans to track DOGE prices using a CF Benchmarks index and aims to provide Dogecoin exposure through traditional brokerage accounts.
Review Process and Timeline
The SEC’s decision-making process follows a multi-stage statutory timeline based on the publication of proposed rule changes in the Federal Register. The agency typically operates on review intervals of 45, 90, 180, and 240 days, allowing multiple opportunities to delay decisions before reaching a final deadline.
Bloomberg ETF analysts James Seyffart and Eric Balchunas described the current cycle of delays as routine. Seyffart noted that the delay was “expected,” with most affected products facing final deadlines no earlier than October.
These latest postponements follow a broader pattern of staggered reviews across more than 70 crypto ETF proposals in various evaluation stages. On April 29, the SEC delayed decisions on five other crypto-related ETFs.
New Leadership, New Strategy
The delays coincide with recent leadership changes at the SEC. Newly confirmed Chair Paul Atkins is likely developing the agency’s approach to crypto assets before issuing approvals.
Balchunas suggested that the SEC is unlikely to issue approvals until Atkins completes internal meetings and strategy sessions with staff. “They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” he said.
The SEC’s recent actions come as the agency reassesses crypto product listings under its new leadership. The commission has dismissed several enforcement cases and increased public engagement through crypto-focused roundtables since President Trump took office.
The regulator’s current actions align with its historical practice of extending reviews to the full statutory limits before issuing decisions. No ETF in this group faces a final deadline before late in the third quarter, leaving applicants and investors waiting for clarity on the regulatory path for crypto-linked investment vehicles.
For now, the crypto industry continues to wait as the regulatory timeline extends into the final months of 2025 for these potential investment products.
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