SEC postpones decision on XRP ETFs and ETH staking
SEC delays Bitwise Ether staking ETF decision, extends Grayscale XRP review
The U.S. Securities and Exchange Commission (SEC) announced on May 20 that it would delay its decision on several pending cryptocurrency exchange-traded fund (ETF) proposals, including Bitwise’s bid to enable Ether staking within its ETF and Grayscale’s XRP-tracking product.
The agency extended its review of Bitwise’s application by 45 days, stating it needed more time to “consider the proposed rule change and the issues raised therein”, reports Cointelegraph.
Additionally, the SEC launched formal proceedings to assess Grayscale’s XRP and Bitwise’s Solana ETFs, requesting public comments as part of its extended analysis. The agency emphasized that these delays are routine under its current review process and do not reflect an approval or denial stance.
Analysts: Delays expected, early decisions unlikely
Bloomberg ETF analyst James Seyffart said the delays were fully expected. “The SEC typically takes the full time to respond to a 19b-4 filing,” he noted on X, adding that final deadlines for most of these ETF proposals fall in October. He stressed there is no conspiracy behind the delays, even under a more crypto-tolerant regulatory climate.
Seyffart also pointed out that the SEC is likely to delay its decision on Litecoin ETF applications and other pending altcoin products. Of the altcoin proposals, he sees Litecoin as having the strongest chance of approval, although even that isn’t likely until late Q3 or early Q4. “We might see movement in late June or July at the earliest, but October remains the likelier window for major decisions,” he said.
New SEC leadership brings changing tone
The SEC is managing a surge of altcoin ETF filings following the resignation of former chair Gary Gensler in January and the election of Donald Trump in November. Under Gensler’s leadership, the SEC was widely viewed as hostile to the crypto industry, pursuing over 100 enforcement actions from 2021 to 2024. Several of those cases have since been dropped, including actions against Gemini and Cumberland DRW earlier this year.
With a perceived shift toward a more open approach under the new leadership, ETF sponsors are optimistic—but still navigating a regulatory landscape that prioritizes caution. The SEC is scheduled to decide on Grayscale’s Polkadot ETF by June 11 and on 21Shares’ Polkadot fund by June 24, while decisions on XRP, Solana, and other altcoins remain in flux.
As filings pile up, market participants await the SEC’s next move, knowing the agency is unlikely to rush.
Recently we wrote that the U.S. Securities and Exchange Commission (SEC) has delayed decisions on four proposed Solana exchange-traded funds (ETFs), including high-profile filings from Bitwise, 21Shares, VanEck, and Canary.
