ChainTech Africa

May 13, 2025 – Washington, D.C. — The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on several high-profile cryptocurrency exchange-traded fund (ETF) applications, signaling that no final approvals are likely before the last quarter of 2025.

In its latest round of postponements on May 13, the SEC extended review periods for multiple filings, including Grayscale’s spot ETFs for Solana (SOL) and Litecoin (LTC), as well as a procedural request from BlackRock related to its approved spot Bitcoin ETF. The move continues the agency’s cautious, methodical approach to crypto-linked investment products.

GRAYSCALE AND BLACKROCK APPLICATIONS POSTPONED

The SEC pushed Grayscale’s decisions to August 11 (for the Solana ETF) and October 10 (for the Litecoin ETF). These proposed spot ETFs are part of Grayscale’s broader effort to expand its crypto offerings beyond Bitcoin and Ethereum.

BlackRock’s request, which seeks to enable in-kind redemptions for its spot Bitcoin ETF — a structural adjustment that would allow the exchange of Bitcoin for fund shares without liquidating holdings — was also delayed. Unlike the others, this filing has no updated deadline, reflecting the agency’s need for further technical review rather than new approval.

21SHARES DOGE ETF ENTERS OFFICIAL REVIEW

In a separate development, the SEC acknowledged the 19b-4 filing from 21Shares for a proposed spot Dogecoin (DOGE) ETF. This marks the official start of the review process for the DOGE-based product under the agency’s statutory timeline. While no decision has been made, the filing initiates a countdown clock that could culminate in a ruling later this year.

NO DECISIONS LIKELY UNTIL Q4 2025

These latest deferrals follow a wave of delays that began in late April, when the SEC postponed decisions on five other crypto ETFs. In total, more than 70 crypto-related ETF proposals remain in various stages of evaluation.

ETF analysts James Seyffart and Eric Balchunas from Bloomberg described the current regulatory climate as part of a predictable cycle.

“The delay was expected,” Seyffart noted, adding that most products now face final deadlines in October or later.

Balchunas further explained that the SEC appears to be finalizing its internal strategy under the leadership of newly confirmed Chair Paul Atkins.

“They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” he said.

HOW THE SEC REVIEWS ETF APPLICATIONS

The SEC’s ETF decision-making process is governed by multiple stages under federal law. Each application goes through review intervals of 45, 90, 180, and 240 days, allowing the agency several opportunities to delay before reaching a final deadline. These timelines begin once the proposed rule change is published in the Federal Register.

Historically, the SEC has taken full advantage of these statutory extensions, only issuing rulings at the final deadline unless external pressure or legal mandates compel earlier action.

WAITING FOR REGULATORY CLARITY

For now, applicants and investors must wait as the SEC continues to evaluate how — and when — to open the gates for broader crypto ETF offerings. While recent Bitcoin spot ETF approvals marked a turning point in U.S. crypto investment access, the next wave of products involving altcoins, memecoins, and new ETF mechanics may not reach the market until late 2025.

Until then, the crypto industry will remain in regulatory limbo — navigating a landscape shaped by caution, complexity, and growing investor anticipation