SEC delays 5 crypto ETFs, analysts expect final rulings by October

The US Securities and Exchange Commission (SEC) delayed decisions on five crypto-related exchange-traded funds (ETFs) applications on April 29, a move expected by Bloomberg ETF analysts James Seyffart and Eric Balchunas.

The postponements affect Franklin Templeton’s spot Solana (SOL) and XRP ETFs, Grayscale spot Hedera (HBAR) ETF, Bitwise spot Dogecoin (DOGE) ETF, and the staking provisions associated with the Fidelity spot Ethereum (ETH) ETF. 

Seyffart stated:

“This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later.”

He also did not discard the possibility of further delays this week, with more deadlines approaching on roughly 72 crypto ETFs awaiting the SEC’s approval.

Balchunas noted that the SEC was unlikely to make any decisions on the matter until Chair Paul Atkins officially took office, which happened very recently. 

He added:

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

SEC decisions on crypto ETF applications typically follow a series of statutory deadlines: 45, 90, 180, and 240 days after the publication of a 19b-4 filing in the Federal Register. 

Many of the delayed products still face their final deadlines between the third and fourth quarters, according to the ETF approval calendar compiled by Bloomberg ETF analysts.

The updated calendar shows that the Franklin Spot XRP ETF now faces a final decision deadline of Nov. 5, 2025, while the Franklin Spot Solana ETF awaits a ruling by Oct. 7, 2025. 

The Grayscale Hedera ETF and Bitwise Dogecoin ETF both have final deadlines scheduled for Oct. 8, 2025. The Ethereum staking provisions tied to Fidelity’s proposal are currently pending, with earlier stages completed as of April 2025. 

The delays follow standard SEC practice and extend the agency’s timeline to continue evaluation without issuing denials.

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